Prudential targets money knowhow for kids

Thu, 20 Jul 2017 09:54:51 +0000

By MAILESI BANDA

PRUDENTIAL Life Assurance Zambia has launched a pilot financial literacy programme aimed at equipping pupils between the ages of seven and twelve with financial knowledge and wise money management.

Managing director Rajagopal Krishnaswamy said the programme, which is in partnership with Junior Achievement, would be piloted in five primary schools in Lusaka.

Speaking during the launch of the Cha-ching programme in Lusaka yesterday, he said the project would help the children in the basic principles of earn, save spend and donate.

He explained that the principle was for the benefit of the children and would help them grow into financially responsible adults.

“It is very important that children learn about earning, saving, spending and donating at a young age so that when they grow they are able to make wise money management choices. As a company, we know that financial education is important for children” he said.

He said they would ensure that children got knowledge and skills in money management through the programme and help in contributing to the financial literacy agenda.

And the Bank of Zambia governor, Dr  Denny Kalyalya said the central bank recognized the importance of having financial knowledge especially among children.

In a speech read for him BOZ director, non-bank financial institutions, Frida Tamba, he said initiatives to encourage financial services should be encouraged.

“The Bank of Zambia and other key stakeholders recognize that without the right financial knowledge, understanding and skills by our young people of today, there is a risk that as leaders of tomorrow, they may not be well equipped to make sound financial decisions in society,” he said.

He explained that enhanced financial education and inclusion among the youth in Zambia would substantially foster economic growth and development, adding that this would also reduce on the dependency on traditional sources of financing as youths would be able to independently accumulate resources for investment growth.

Meanwhile, Junior Achievement Zambia board chairman David Chakonta said  the project would help expose pupils to financial role models through corporate volunteer facilitators.