12 Mar 2015

Stepping Stone International held its first ever annual Global Money Child and Youth symposium in Botswana aimed at educating the youth to be financially literate.

Stepping Stone has been working with Barclays Bank of Botswana for the past six years developing financial literacy models for youth.

Speaking at a conference themed: Safe, Today, Save Tomorrow, executive director of Stepping Stone, Ms Lisa Jamu said, “people say money makes the world, but they tend to forget to learn to save from a young age and invest to end up with a more sustainable income.” 

“The recipe for money success is wise decision making on savings, investing and budgeting plus social responsibility which will transform you into a financially and socially responsible citizen,” she said.

Ms Jamu said investment does not necessarily mean investing money only, but investing in education, talents of young people such as sports and arts, entrepreneurship, skills for employability and many investment opportunities to develop sustainable futures.

For her part, Stepping Stone International programs manager, Ms Lila Pavey said financial illiteracy results in many young people struggling with large amounts of debt, resulting in negative repercussions on their development and well-being.

Ms Lila stressed that with financial access and education, children and youth could learn to save and spend money wisely. Different stakeholders took part in this year’s global Money Week event, which included the ministries of Youth Sport and Culture and Education and Skills Development, Barclays bank of Botswana and others. 

Stakeholders discussed how they could contribute towards enlightening young people to become financially literate.

The director of Department of National Internship Program, Ms Boitshepo Bolele who represented the Ministry of Sports Youth and Culture said her ministry deals with youth and empowerment, youth and poverty and youth and education. 

Ms Bolele noted that they offer mentorship to the youth to recognise opportunity. “When young people succeed the economy grows,” she said. 

A representative from the Ministry of Education and Skills Development, principal education officer, Ms Kobontle Kgakge stated that the ministry had long initiated subjects such as office procedures, accounting, and commerce among others in junior and senior schools to expose learners to business planning skills.  The ministry, she said was reviewing the curriculum at senior school level, adding they would introduce a life skill program comprising ICT, moral and guidance, entrepreneurship and financial planning. 

For her part, Barclays Bank sales manager, Ms Masego Lennwe said their bank has products which cater for the youth such as the LEKGOLO bank account which requires a total amount of 100 pula to open. “There is no debit card for this saving account,” she added. 

The bank, she said also has another account for the youth called MOTSHELO savings account. “Motshelo savings account is a group account which can be opened by two young people and, no age limit required for this account,” she said.

The conference ended up with a group discussion which looked into strategies that could be put in place to enable financial service providers to cater for youth.  ENDS