Monday, May 17, 2021

High household debt linked to financial illiteracy

The cost of living is constantly increasing and has been doing so for the past few years, reducing disposable income for many and increasing the level of debt drastically. Finance experts at Strategic Wealth have designed a course which will help partaking individuals gain financial literacy and enable them to manage their finances better.

With a little over eight years of operating locally this 50 percent citizen owned organisation strives to provide
financial literacy training, asset consulting, employee benefits, specialised lending, wealth management and offshore investing services. Speaking at a press conference last week, Nadine Davies explained that the school curricula, regardless of which school one goes to, provides little or no financial literacy courses. Thus people join the workforce with no basic finance concepts which result in high levels of unsecure debt, given the current economic environment.

Strategic Wealth offers packages to companies and corporations to engage them to teach their respective employees on financial literacy. The company has identified some of the benefits of enrolling as: “Changing mindset and habits of employees, enabling them to financially plan for the future, creating financial awareness, reducing financial stress and debt, restoring employee confidence and pride and empowering them to take charge of their financial situation.”

In return the employees will through their gratitude appreciate their jobs even more, require advances less often and the Human Resource Department will be more effective in departments other than salaries.

Course facilitator, Koketso Moseki explained that during their training sessions with employees Strategic Wealth provides some practical examples, lots of fun and interactive activities, group discussions that address real employee problems and ultimately decision making frameworks.

It is a 10 hour course tailored around the needs and aspirations of different companies primarily depending on what works best for them. The course identifies and covers goals, assets and liabilities, debt, budgeting and saving. It also broadens the perspective right down to pensions, retirement planning, unit trusts, asset management and managing finances either personally or professionally. This unique course is available through Strategic Wealth, which is registered with the Non Bank Financial Institutions Regulatory Authority (NBFIRA) offering courses that are Botswana Qualifications Authority (BQA) accredited.

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