WHY WE PRIORITISE FINANCIAL LITERACY​

Financial literacy cuts across all aspects of life. It tends to negate other successes if not mastered. An academic genius whose financial literacy is low is likely to present as a failure when they do not have their money under control. It follows then that the knowledge of finances should be prioritised at a young age so that people are given a chance to lead healthy and stress free lives.

​Let us first define financial literacy. It is the knowledge of sound use of personal finances, ability to draw a budget and stick to it, and the capability to make wise and strategic investments. Investing time in the knowledge of the above mentioned is a sure predictor of success.

Schools should inculcate financial prudence in learners and allow them to practice making strategic decisions when it comes to investment choice. It is a misnomer to allow students to pass through the education system while treating them as if they will live in a society that is devoid of financial systems. Centres of learning should normalise discussions on the best performing stocks and at the barest minimum company formulation.

​A precursor to sound financial literacy is effective time management. The digital natives who are the current students in schools have too much media vying for their attention. Intelligence is now commonplace and what now seperates people is amount of effort one puts in tasks. Millenials are a generation of instant gratification and this spells disaster for financial management skills. It then becomes imperative for the school to train students on delaying gratification alongside financial literacy skills. Studies and permutations have shown that millenials are likely to spend a scary 10 years of their life online.

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Knowledge of finances will make one adept at starting viable business entities. It also makes it possible for one to monetise ideas and skills they possess. Closer home one finds a dearth of Zimbabweans blue chip companies across the continent despite the fact that the country possesses some of the best brains on the continent. It can be attributed to a lack of understanding of financial systems and how to capitalise on one's knowledge capital constrains notwithstanding.

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Learning institutions should unapologetically expose learners to financial literacy to empower them. On a continent where superstition still rules it is imperative to follow evidence based ways of wealth creation. As a continent we cannot continue to entertain mindsets that connect wealth creation with murky and abominable practices.

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