Steps to be taken by Zimbabwe Shareholders Association to address the Financial Illiteracy challenge include, but are not limited to the following:
- The biggest challenge is to mainstream financial literacy into the school system. Very little, if at all anything, is being done at school level, both primary and secondary, to equip learners with the necessary skills and knowledge to make informed financial choices in their lives. The habit of saving and budgeting needs to start early in life. The association will address this challenge through investment clubs in schools.
- The association will make concerted efforts to run regular seminars and road shows that can inform and equip the ordinary citizens about their responsibility to make the right financial choices.
- There is already some good work being done in the area of financial literacy by organisations such as the Bankers Association of Zimbabwe and the Securities and Exchange Commission, the association plans to partner with such like-minded organisations to play a meaningful role of equipping Zimbabweans to become more financially literate.
- There is a need to develop some home-grown concepts on financial literacy in areas such as games, puzzles, comic books, so that the information is readily available to all ages. We look forward to partnering local universities for this initiative.
- Empowering consumers to take action to improve their financial well-being is the association’s ultimate goal. Financial literacy is about being comfortable to make the right financial decisions backed by the necessary skills and knowledge. Ultimately the expected outcome or result is a difference in our behaviour with our finances in areas such as saving, budgeting and use of credit. The saying “you do not know, what you do not know” — especially when it comes to managing our finances is so true. The association will also engage with corporate organisations to enable it to conduct workplace financial education so as to equip their workforce to make better financial choices and decisions.