SHAPED Financial Literacy Project : Dzivarasekwa 1 High Financial Literacy Workshop
By N. Lionel Guzha
On Friday 2 August 2019, The World Economic Forum’s Global Shapers Harare Hub, in partnership with the Higherlife Foundation, held a financial literacy workshop at Dzivarasekwa 1 High School.
This workshop was facilitated by the Harare Hub’s SHAPED Financial Literacy Project. It was held under the theme “Financial Literacy and Its Role in Your Life: The Earlier You Start The Better”.
SHAPED Financial Literacy Project is Harare Hub’s flagship project aimed at championing inclusive growth through financial literacy education. This project is an endeavour that is aimed at promoting inclusive growth through financial literacy education. The project draws guidance from the World Economic Forum’s (WEF) Inclusive Growth and Development Framework particularly on the pillar of Education and Skills (Access, Quality and Equity). The project also falls under the United Nations’ Sustainable Development Goal number 4 on Quality Education, that seeks to ensure inclusive and equitable quality education as well as promote lifelong learning opportunities for all.
About 25 upper six students attended the workshop. The students were introduced to the fundamentals of Financial Literacy and why it is important for everyone to cultivate their financial literacy, regardless of their economic background. They also did an exercise in which they had to create a budget for a fictional character, from which they would draw some valuable lessons on financial planning. According to a Survey of Adult Financial Literacy Competencies done by the Organisation for Economic Cooperation and Development’s International Network on Financial Education (OECD INFE), many adults struggle with basic financial knowledge and concepts. Furthermore, the study shows that less than half of the respondents reported having a household budget.
Financial literacy is important because it equips people with the knowledge and skills that they need to manage money effectively. Without it, one’s financial decisions and the actions that they take—or do not take—lack an informed foundation to maximise their success. This can have dire consequences. In the words of Allen Greenspan, an American economist who served as Chair of the Federal Reserve of the United States from 1987 to 2006. “The number one problem in today’s generation and economy is the lack of financial literacy.” For emerging economies, financially educated consumers can help ensure that the financial sector makes an effective contribution to real economic growth and poverty reduction. It is against this background that the SHAPED Financial Literacy Project has been to making an impact since its launch in March of 2017. The SHAPED Financial Literacy Project seeks to empower Zimbabweans to make better financial decisions that could help them to weather the harsh economic environment.