Financial literacy key to reduction of indebtedness

Koketso Moseki
Koketso Moseki

Asset consultant at financial planning company Strategic Wealth, Koketso Moseki has said financial literacy is key in the current difficult economic environment.

 

Addressing the media last week, Moseki noted that lack of financial literacy contributes to the high levels of unsecured debt and lack of retirement planning.

“Education systems do not teach about financial literacy. Employees are not even familiar with basic financial concepts and they do not have the tools needed to make right choices,” she said.


She noted that being financially literate could help change people’s mindset and spending habits, adding that they developed the programme after realising the financial literacy needs of people.

“We have developed a programme which offers training techniques, practical examples and is tailored to be fun and interactive. The programme can address real employee problems,” she said.

For her part, another consultant at Strategic Wealth, Nadine Davies, said financial literacy is needed to change the mindset of people, as there are high levels of unsecured debts.

“Being financially literate can also help with the job appreciation by the employees, reduction in staff loans and improved attitude towards cost savings in the company. All these can help reduce financial stress which can help in the performance of employees,” said Davies.

The course is tailored to meet the needs of different organisations and targets employees at entry-level. The training is divided into two sections being money management and investment basics.

The first section focuses on understanding assets and liabilities as well as budgeting and saving. The second level focusing on retirement, offers refresher course and maintenance of financials records.

Since its existence Strategic Wealth has already trained companies in the hospitality, mining, distribution and services industries.

Strategic Wealth is registered with Botswana Qualifications Authority (BQA), which enables companies to utilise their funds accumulated with the training levy to pay for the course costs.

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