Financial literacy vital for inclusion � Letshego
Tuesday, August 11, 2015
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It is against this backdrop that Letshego saw it fit to launch a three year nationwide financial literacy campaign, which will cover the civil service, parastatals, private and informal sectors.
Financial literacy is defined as the knowledge and understanding of personal finance concepts and the skills, motivation and confidence to make informed financial choices, and participate in economic life.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...