Kasolo calls for building up a culture of saving money

Government has advised financial Institutions to put in place financial inclusion measures that will enhance a culture of saving among the citizenry.

Eastern Province Permanent Secretary Chanda Kasolo says measures to be taken by the institution is to encourage savings that will eventually contribute to the growth of the country’s economy.

He said one of the ways is the introduction of banking products that are child user friendly in view of the economic citizenry.

This is contained in a speech read on his behalf by Acting Provincial Education Officer (PEO), Kondwani Nyirenda.

He said this at a meeting commemorating the Financial Literacy Week held at Wild Life Park in Chipata today.

“If this empowerment is combined with holistic education, such access can help children and youths grow into well-informed independent and responsible adults”, Mr Kasolo said.

Mr Kasolo stated that another step that will encourage more people to save is for the banks to lower the cost of maintaining saving accounts, as this will give more people an added incentive to save.

The country’s financial education efforts through the Financial Literacy Week have gained international recognition whereby in 2014 Zambia was awarded the Global Money Week award for the second year by the Child and Youth Finance of the United States of America.

And speaking earlier, Bank of Zambia representative Chitoshi Mutabulangombe said the event will create awareness on various avenues for saving in the market.

Mr. Mutabulangombe noted that saving need not only be done through the traditional way of banking, but it can also be through pensions and assurance products and the capital market.

“We also realize the contribution that a good saving culture can make individuals, whether one is young or old formally employed or self – employed, and the economy of the country as a whole, improve,”’ he
said.

He said the aim of the literacy week among others is to create a saving culture among the population by delivering massages on its importance.

And Eastern Chamber of Commerce President, Thomas Mtonga said young people should embrace a culture of saving through a sound plan.

Mr Mtonga noted that investment can yield a sound saving method to benefit an individual grow his business which will help one improve one’s living conditions and that of the country’s economy.

A number of activities were lined up for the occasion from 13th to 20th March, which include exhibition road shows by Financial institution to show case their products under the theme, “A better life through Saving-Every ngwee counts”.