Tue. Jul 23rd, 2019

Reserve Bank of Malawi launches Money Week

By Enock Balalasi and Erik Chiputula
The Reserve Bank of Malawi(RBM) on Monday launched this year’s Global Money Week(GMW) with a call to students to embrace a saving culture.
GMW a Child and Youth Finance International (CYFI) initiative, is an annual financial awareness campaign built to inspire children and youth to learn about money matters livelihood and enterprenuership.

One of the pupuls from Mphanje Private Primary School:We are going to embrace a saving culture.
One of the officials of RBM:Students need to learn how to save while they are young.

In Lilongwe, Reserve Bank of Malawi identified and invited Mphanje Private Primary School to pay a visit to the reserve Bank during launch day.
Speaking to the www.smashmw.com Mphanje Private Primary School teacher Regina Mwanza said it is important that pupils are learning how to save while they are young as saving culture is a basic recipe for any growth be it at individual, household and country level.
Mwanza said it is only when people know how and when to save that they can economically transform their lives.
“Saving can create a difference in people’s lives by providing another source of income. Their targete on students will help to develop a saving culture from an early stage and grow with it. This will help them not to face difficulties to save and invest once they start work” Mwanza said.
Research has shown that Malawians are not proactive when it comes to saving. Malawians like to spend everything they get in a day and because of this, most of them do not have money for investments.
One of the pupils Geraldine Kajaliwa , described the sensitisation by RBM as an eye-opener, saying most students do not know how to save their money.
She said by taking the message to the students, it will help the learners use their pocket money properly and also start planning for the future.
This year’s Global Money Week is being held under the theme “Learn, Earn and Save” and the main launch invent was held in Blantyre.

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