30 May 2018

It is no secret that many Batswana struggle with incompetent financial decisions in their everyday lives, which cover saving, investing, insurance and retirement planning.

Many Batswana often fall victim to reckless credit and over indebtedness due to lack of financial literacy; leading them not to plan for their future.

This was said by Mr Albert Gaopelo, chairperson of the newly formed Botswana Organisation of Financial Literacy at the University of Botswana during a press briefing on May 28.

Financial literacy, which means the possession of knowledge and skill by individuals to manage their financial resources effectively, so that they will be able to enhance their economic well-being, is an important skill needed by many Batswana.

Mr Gaopelo emphasised the need for Batswana to become financially literate in order to secure a future for their children and themselves.

“Financial literacy is very important as we deal with money in our everyday lives, hence we need to be wise on how we handle money, save and invest it,” Mr Gaopelo said.

He said research had shown how financial constraints among employers could lead to lack of productivity in workplaces due to individuals’ absenteeism when dealing with their financial crisis.

Registered on March this year, the non-profit organisation, was formed to assist Batswana on financial literacy aimed at creating a population that is informed about financial choices and competent enough to make good decisions.

He explained that the organisation would carry out its mandate through workshops and counselling to victims of financial embarrassment to help them recover.

Mr Gaopelo further stated that they were expecting to launch the organisation on July 27 in Boteti. ENDS