EFFORTS MADE SO FAR IN THE FIELD OF FINANCIAL EDUCATION. The Securities Commission of Zimbabwe (SECZ) is undertaking various investor education programmes designed to inform and sensitise the investing public on the workings of Zimbabwean capital markets. To date, the SECZ has been involved in various activities: it has partnered with the Ministry of Labour and Social Services in delivering consumer education programmes in schools, and it participates in various expo, workshops, conferences, and seminars throughout the country. Moreover, the SECZ is responsible for the development of financial literacy material (Career opportunities in capital markets; A guide to investing in capital markets; Capital markets in Zimbabwe). UNICEF THROUGH MOESAC UNICEF through the Ministry of Education has embarked on developing materials for training Heads of Schools on Finance for Non-Finance Managers. This is a new program that is set to equip most Heads of Schools with financial education skills. LIFE OFFICES ASSOCIATION LOA says they are on a “National drive to make insurance easily understood by all” through articles in a local Weekly Business Paper. Currently, they are on article 27. CAPITOL INSURANCE BROKERS They feature a weekly column in the Weekly Business Paper as well and they explain on different aspects of insurance. ANNUAL CONFERENCES Annual Conferences by different associations are held to deal with different aspects of financial education. For example the upcoming “Annual Credit Insurance Conference” From my analysis, the financial education activities which are currently being undertaken in Zimbabwe though commendable, are un-coordinated, have achieved only limited outreach and leave some large gaps and the only solution to this is the development and implementation of a focused national financial education strategy for Zimbabwe which will ensure that there is a more comprehensive, sustainable, co-ordinated and effective range of programmes than is currently the case; and will avoid unintended gaps and unnecessary overlaps. It will secure a wider and deeper impact from the resources which are already available for financial education as well as encourage the allocation of more resources at a national level. The Strategy will also complement other financial access and consumer protection initiatives, all of which are essential if improved levels of financial inclusion are to be achieved. Many people lack the knowledge, skills and confidence to manage their personal and household finances well. However, it is becoming increasingly important that they are able to do so. For example, poor people need to be able to make what little income they have go as far as possible; to save some of their income, wherever practicable, in order to smooth income flows and to provide for future emergencies; and to avoid taking unnecessary risks with their finances and now is the right time to implement a NATIONAL STRATEGY ON FINANCIAL EDUCATION.
Posted on: Thu, 12 Sep 2013 05:35:16 +0000
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