Financial illiteracy disastrous to the country, says Dr. Nkanza

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Ministry of Education, Science, Vocational Training and Early Education Permanent Secretary Patrick Nkanza has observed that lack of financial literacy has the potential to disrupt the economic stability of the country.


Dr. Nkanza said the absence of understanding financial literacy can be disastrous to individuals, households and the nation as a whole.


He said this in a speech read for him by Technical, Vocation and Entrepreneurship Authority (TEVETA) Director General David Chakonta at the kickoff of the financial literacy week at Kabulonga Girls Secondary School in Lusaka today.


He said there was therefore need to enhance financial literacy and management among the citizenry especially the youth who need to plan for their future when they are still young.


Dr. Nkanza said financial literacy and management should be one of the major tools in ensuring the sustainability of the country’s population.


He pointed out that financial literacy and prudent use of national resources was cardinal for the growth of the country.


He has since called on all Zambians to take monetary literacy and management seriously.


The financial literacy week is being spearheaded by the Bank of Zambia (BoZ) in partnership with the Pension Insurance Authority (PIA) and the Securities and Exchange Commission (SEC) among others.


And speaking earlier, Securities and Exchange Commission Chief Executive Officer Wala Chabala said the stakeholders in the financial literacy week target to reach out to approximately 20, 000 young people across the country through combined efforts during the 2013 financial literacy week.


Dr. Chabala said the objective of the initiative is to educate young people on how to manage money, risks and emotions.