BAM calls for financial education for youth

Written by McDonald Chapalapata - Nyasa Times on .

Bankers Association of Malawi (BAM) has called for the financial education and training for the youth in order to build a better nation.

BAM Chief Executive Officer Violette Santhe said in an interview that population is skewing towards the youth and statistics show that 75% of the population in Malawi is composed of the youth who are the nucleus of the nation and grasping them within the territory of financial inclusion must start now.

“Students who learn to manage their finances early often become adults who are better equipped to live independently. By teaching kids to make good financial decisions, they learn to pay down debt or avoid it altogether,” said Santhe in light of the global money youth week which Malawi is commemorating from 12th to 18th March 2018.

The Global money week was established by the Child and Youth Finance International (CYFI), a global network dedicated to promoting financial education and financial inclusion for children and the youth and the theme for the 2018 Global Money week’s theme is: ‘Money Matters matter!’

Santhe said children and the youth of today are the executive leaders of tomorrow and the next generation entrepreneurs adding that financial sustainability and financial management are crucial tenets that must be shared with the future generation starting from today.

“It is necessary that children and the youth are taught the power of saving but it is imperative that they start at such a tender age. Saving should become a practice in them, a way of life.”

“Teaching children to save ultimately leads them to becoming independent adults. It enables and empowers them to determine the quality of life they choose to have. It also helps give the child a valuable tool that will hold them in good stead for the rest of their lives,” explained Santhe.

She said the future of every generation is in the youth and alienating the youth from a comprehensive understanding of money matters would be suicidal to future generations.

“Now, more than ever before, it has become imperative and of significant importance that children and the youth are economically equipped and empowered to close inequality gaps and build a better future,” said Santhe.

Santhe said the banking fraternity is appealing to all parents and guardians to be exemplary by starting to save as well so that children and the youth emulate them.

“Parents and guardians are the role models and when they start saving, not only can they tell the youth and children on the benefits of saving, but they will in the first instance become living examples of the saving culture. In so doing, children and youth will learn from the practical aspects of money matters from the elders,” said Santhe.

In a statement on the global money week, Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe said Malawi will join other countries in disseminating key financial literacy and education messages focusing on children and the youth.