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Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), Reserve Bank of Zimbabwe (RBZ), the Securities and Exchanges Commission (SEC), Insurance and Pensions Commission (Ipec), will from tomorrow till 26 March teach students on how they can save and plan for their future at Bulawayo’s National University of Science and Technology.
Potraz confirmed to TechnoMag that, “they will be in full gear sharing notes with students on Global Money Week”, as the RBZ is also walking Governor Dr John Panonetsa Mangudya’s talk represented by Principal Banking Examiner David Zahwe.
Governor Mangudya has co-ordinated the implementation of the National Financial Inclusion Strategy (NFIS) which also encompasses some of the initiatives set for young people which he introduced sometime last year.
Speaking ahead of the much anticipated Global Money Week, the Rbz Principal Banking Examiner said, “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,”
“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,” Zahwe added.
Young people have been encouraged 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 the Principal Banking Examiner.
Professor Mqhele Dlodlo, the Nust Vice Chancellor appreciated the gesture by the Ministry of Finance as well as the apex bank in equipping young people with financial literacy.
Reserve Bank of Zimbabwe and various stakeholders in the financial sector met at the National University of Science and Technology delivering a public lecture ahead of the Global Money Week which starts tomorrow and ends on 26 March.
It will be held under the theme: “Plan your money, plant your future”, and 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.
It is also 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).
Organisations across the world such as Government ministries, financial institutions, youth organisations, local businesses, universities, schools and others during the week will organise their own GMW events for children and youths and share news, photos and information with the GMW Secretariat.
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