Windhoek-Financial literacy is necessary to make financially responsible decisions that are integral to everyday lives, unfortunately, consumers fail to demonstrate a strong grasp of financial principles in order to understand and negotiate the financial landscape, manage financial risks effectively and avoid financial pitfalls.
According to the Financial Literacy Initiative (FLI), 89 percent of salaries are paid to service debt in Namibia, 51 percent of Namibians are financially literate while only a mere 32 percent implement the knowledge of financial literacy.
“As a responsible corporate entity, Standard Bank understands the importance of financial literacy, hence our partnership with FLI, who seek to educate all consumers,” Standard Bank’s PR and Communication Manager, Surihe Gaomas-Guchu said.
FLI is a national platform initiated by the Ministry of Finance to enhance financial education for individuals and micro-, small- and medium-sized enterprises.
Standard Bank has been FLI’s strategic partner since 2013, annually committing 0.2 percent of its net profit after tax towards financing the initiative. This year, the bank donated an impressive N$200 000.
Gaomas-Guchu commended FLI for its efforts in empowering Namibians to make positive decisions regarding their finances.
“I strongly believe that the interventions made by FLI, with the support of Standard Bank and other platform supporters, have gone a long way in improving the financial competencies of all Namibians, one of the ways being through alleviating debt thereby creating conditions for financial wellness,” she said.
Through donations and sponsorships by the various platform supporters such as Standard Bank, FLI hosts various workshops and public talks to educate locals on financial literacy.