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Financial literacy vital

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Financial literacy vital
INNOVATIVE: Mogomotsi France

Financial advice and avenues of increasing one’s financial portfolio have for the longest time been a privilege enjoyed by the few who are aware of such structures and can afford the services.
Key Wealth Founder and Director, Mogomotsi France, believes that things have to change.

He stated these sentiments at the launch of the entity’s Wealth Management Portal last week at Cresta President Hotel in Gaborone.

France stated that through the portal, Key Wealth is looking to provide a financially inclusive environment where everyone can invest, monitor and grow their wealth.

He noted that the high household debt is a consequence of people making ill-informed decisions about their finances and pointed out that service providers are using the void of lack of knowledge as a tool to drag people deeper into debt.

“This ultimately creates psycho-social problems that affect families leading to the high rate of divorce cases and broken families,” he said.

The Director also advised employers to engage employees in financial literacy programs so that they get the best out of their money planning for retirement, short and medium term goals as well as long-term goals such as retirement.

He also noted that some people are one pay cheque away from poverty and as such tactics such as multiplying ones income streams could be employed to alleviate the situation.

Presenting on the Relevance and Importance of Financial Education, Key Wealth Portfolio Executive Tumelo Sejo Boitumelo said contrary to popular belief, credit is not a problem, and problems come from not knowing how to use credit for one’s benefit.

“There’s an urgent need to bridge the gap between academic intelligence and financial education that leads to wealth creation,” she said, adding that the portal is a user friendly application that is going to revolutionise the financial industry.

The Key Wealth portal contains information, books, and links to financial institutions, applications to review, compare and buy financial services from various providers as well as access to financial advice from an automated robot assistant.

There is also the option of live chats with real-live human financial advisers who work with the client to ensure they have a successful portfolio, according to the client’s needs and preferences.