Source: RBZ sets tone for Global Money Week | Sunday News (Business)
Rutendo Nyeve, Sunday News Reporter
THE Reserve Bank of Zimbabwe (RBZ) and various stakeholders in the financial sector on Friday met at the National University of Science and Technology (Nust) where they delivered a public lecture ahead of the Global Money Week which starts tomorrow and ends on 26 March.
Held under the theme: “Plan your money, plant your future”, the Global Money Week is an annual global awareness-raising campaign on the importance of ensuring that young people are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.
This is a Child and Youth Finance International (CYFI) initiative, which is now organised by the Organisation for Economic Co-operation and Development /International Network (OECD/INFE).
During the week, organisations across the world such as Government ministries, financial institutions, youth organisations, local businesses, universities, schools and others organise their own GMW events for children and youths and share news, photos and information with the GMW Secretariat.
RBZ led by the Principal Banking Examiner Mr David Zahwe and was joined by the Securities and Exchanges Commission, Insurance and Pensions Commission, Postal and Telecommunications Authority of Zimbabwe to teach students on how they can save and plan for their future.
“Planning your money from an early childhood stage plays a pivotal role in allocating funds to the best-suited investment to add value to your overall financial portfolio.
“The purpose of creating a financial plan for your money is to understand your financial situation, prioritise your objectives, achieve your goals, and maintain stability even through tough times as you grow up.
“Plant your future today as a young person, through managing your finances and building good habits on a sustainable basis,” said Mr Zahwe.
He encouraged young people to monitor their expenses as it is crucial to split expenses into essential and non-essential expenses.
“This will assist you in ensuring you spend your money only on essential expenses. Ask yourself whether you really need these items and if yes, set aside money every month to ensure you can make this purchase without affecting your overall balance of money,” said Mr Zahwe.
He said the Reserve Bank was co-ordinating the implementation of the National Financial Inclusion Strategy (NFIS) which also encompasses some of the initiatives set for young people.
“The central bank has thematic working groups and one of them looks at youths. This thematic group is working towards the promotion and development of innovative financial products for the youth and facilitates capacity building programmes for the youth to complement access to financial services. One such facility is the Empowerment bank,” said Mr Zahwe.
Nust Vice Chancellor Professor Mqhele Dlodlo appreciated the gesture by the Ministry of Finance as well the central bank in equipping young people with financial literacy.