STEVE DOWN: HOUSEHOLDS NEED TO BE EQUIPPED WITH FINANCIAL LITERACY SKILLS TO ACHIEVE SUSTAINABLE DEVELOPMENT GOAL 1
As developing countries move towards achieving sustainability, it is clear that it is very possible to achieve the No poverty goal. Active partnerships between governments, the private sector, and non-profits have seen an end to practices previously normalized. An example is Female Genital Mutilation. We have witnessed a reduction in the number of cases in the practice.
This was done after deliberate sensitization, active community engagement, and economically empowering individuals who took part in it. Overall, the practise of FGM has been declining over the last three decades. According to UNICEF, In the 30 countries with nationally representative prevalence data, around 1 in 3 girls aged 15 to 19 today have undergone the practice versus 1 in 2 in the late-1980s.
Creating awareness of the importance of financial literacy and promoting it in our learning is a step closer to achieving the goal of zero poverty. In Kenya for example, only 38% of the population is financially literate. Many African countries fall below the minimum threshold for a literate population. Truth be said, for a developing continent I believe we can do better in Africa.
Some of the benefits of equipping populations with financial literacy skills are:
- Better knowledge of debt management:
An entire population is drowning in debt. If you randomly ask people between the ages of 30 to 50 where their money goes, you will realize many of them have debts and a huge number of them
Populations with limited knowledge of financial literacy are taken advantage of by corporate entities and financial institutions. While regulating bodies have been established to protect clients and consumers, legal loopholes are used to get and exploit debtors.
2. Spending is directed towards wealth creation
When we create more opportunities for people, vices such as insecurity reduce. A country capable of empowering its people on financial literacy provides long-term solutions to its population.
Economic empowerment starts with prioritizing financial literacy from the individual and family level to the business and national level.
At Financially Fit Africa, we are committed to our goal of helping individuals and families get out of debt in 3–5 years and live a debt-free life.
Our online program has steps for personal debt evaluation and practical ways to help you clear your debt become debt-free for life. The wealth principles in Financially Fit For Life will help you gain good debt management skills.
