Regardless of economic circumstances, geographical location or level of formal education, everyone deserves equal access to financial products and services that can improve their current financial knowledge, daily habits and future opportunities. Financial literacy is key for this level of inclusivity to be realised.
This is according to Peter Tshiguvho, CEO of Metropolitan Retail, who notes that over-indebtedness impacts consumers at all income levels and, as more people are brought into the formal economy, educating them on the financial skills they need to effectively manage their finances is ever more important.
The World Bank defines financial inclusion as individuals and businesses having access to useful and affordable financial products and services that meet their needs and are delivered in a responsible and sustainable way.
Tshiguvho says, “An important contributing factor when it comes to promoting financial inclusion is improving the financial situation of the greater population. This is being addressed by government as they make strides to free up public funds for development in sectors such as healthcare and education - by tackling cases of collusion, bribery and general maladministration. However, government is not the only party that can play a role here.”
Read more in RNews