“Financial literacy is not just for investors”- BOFILI Chair – Employers providing financial education repaid up to three times the cost
Botswana Organisation of Financial Literacy (BOFILI) has been launched.
BOFILI is a local non-profit making financial literacy advocacy organization mandated with creating a population that is informed about financial choices. The organization also envisions a population competent enough to make good decisions ultimately avoiding reckless credit, over-indebtedness and being able to plan for the future.
Speaking at the BOFILI media launch on Monday at the University of Botswana Library Auditorium, BOFILI Chairperson Albert Gaopelo said financial literacy is not just for investors, explaining that everyone who earns an income is a potential saver, every saver is a potential investor and every investor ought to be financially literate.
“Sound government initiatives such as CEDA, poverty eradication, youth development fund etc could do more if all recipients were financially literate,” said Gaopelo who further said the situation needs a firm collaboration between the government and private entities.
BOFILI has segmented the population into 6 target groups, which are the Workplace, SMME & Unemployed, School, Youth, Rural Outreach and Pensioners and intends to use group-specific methods to educate the masses.
The organisation, which promises to create more than 100 jobs once fully operational, will use different methods to reach out to the groups such as workshops, books, counselling, mobile phones, compact disks (CDs), videos, social media, quiz, clubs and many others deemed helpful in pushing the organisations mandate.
Gaolape further noted that many employees are financially embarrassed, and this affects productivity. Quoting findings from a recent research conducted in the United States of America at Virginia Tech, BOFILI Chairperson said that research has indicated that employers who provide financial education in the workplace are repaid up to three times the cost through reduced absenteeism, less time spent at work dealing with personal financial matters, and increased productivity.
This, he said, could prove to be a breakthrough towards economic growth as financial literacy occupies a center-stage in the quest to achieve financial inclusion, financial stability, economic growth, and development.
“Inclusive growth in the economy can only be achieved where a larger proportion of the population participates in financial markets,” he noted.
The organization envisions launching its Strategic Plan in Boteti soon.