Thursday, June 13, 2024

Financial Literacy Week 2024: Illuminating the Path to Financial Prosperity

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Financial literacy week
Phyllis Tiller – Managing Director at Octagon Financial Services

Financial literacy week is about improving your life, understanding how to protect your money and secure your future.

By Phyllis Tiller

Zambia, like many other African countries, still suffer from chronic low savings rates, primarily attributed to financial illiteracy and limited access to financial products. While on the other hand, being financially literate does not only help individuals manage their personal finances but also has a positive impact on one’s overall wellbeing.

As we join the rest of the country to commemorate Financial Literacy Week which serves as an annual beacon of hope, dedicated to empowering individuals and communities with the knowledge and skills essential for navigating the intricate landscape of personal finance. This week-long set of activities is slated to run from Monday, 18 March to Sunday, 24 March 2024 and this awareness campaign rallies diverse stakeholders, including financial institutions, government bodies, non-profits, educational institutions and insurance players, to curate workshops, seminars, and resources aimed at fostering financial literacy awareness.

At Octagon Financial Services Limited, a prominent regional leader in financial services across non-profit, public, and private sectors, we recognize the transformative potential of financial literacy. Through our participation in Financial Literacy Week 2024, themed “Protect your Money, Secure your Future,” we reaffirm our commitment to playing a pivotal role in empowering individuals with the knowledge and competencies necessary to make informed financial choices and enhance their financial stability.

The State of Financial Literacy in Zambia

Despite collective efforts undertaken, research findings by the 2020 FinScope Zambia study reveals a sobering reality of only 23.6 % of Zambian adults are deemed financially literate. This stark statistic underscores a significant gap in understanding financial concepts and skills within the population. However, amidst these challenges lies an opportunity for transformation and inclusion.

The Benefits of Financial Literacy in Zambia

In 2024, fostering financial literacy in Zambia yields manifold and impactful benefits. Enhanced financial literacy equips Zambians with the knowledge and skills to make informed financial decisions, thereby improving personal financial management as well as build resilience against economic uncertainties.

Moreover, a financially literate population contributes to Zambia’s overall economic development by promoting savings, investment, and entrepreneurship thereby stimulating economic growth and job creation. This, in turn, fosters greater financial stability at both individual and household levels, reducing vulnerability to poverty and financial distress.

Financial Literacy in Times of Crisis: Building Resilience

The current drought in Zambia is likely to exacerbate economic challenges, increasing fiscal pressures, and undermining livelihoods. In such crises, financial literacy plays a crucial role in building individual and community resilience.

By enabling proactive financial planning, effective resource management, and sustainable livelihoods amidst challenging circumstances, financial literacy serves as a beacon of hope.

Our Commitment to Guaranteed Financial Security

As an award-winning regional financial service provider, Octagon Financial Services Limited continues to pioneer solutions that assist individuals achieve their true financial potential. Through emphasis on financial planning, saving, and investing, our team of passionate experts work tirelessly to ensure individuals are enlightened on the need to begin early to prepare for unforeseen circumstances and realize their long-term aspirations. Our comprehensive approach prioritizes clients’ needs, fostering a culture of financial preparedness and resilience.

In closing, financial literacy among citizens continues to play a vital role to help people protect their money as well as secure their future. Financial Literacy Week is yet another opportunity for all of us to do our part and collectively amplify the financial literacy narrative in order to illuminate the path to financial prosperity, while ensuring a brighter and more secure future for our country as well as its people.

The author is Managing Director at Octagon Financial Services Limited

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