Money Month campaign educates youth on managing finances

0

RETHABILE MOHONO

MASERU – For a decade, the Central Bank of Lesotho (CBL) has been working in co-operation with various institutions to empower the public with the necessary skills to manage their finances effectively. This is done through an annual Money Month Campaign which runs from April 19 to May 7. This year’s campaign was hosted in Butha-Buthe where the public, specifically youths, gathered in masses to be informed and educated on issues about money.

This year’s theme is: “Plan your money, plant your future.” The campaign for this year is set to take place in the two districts of Buthe-Buthe and Maseru. The opening week is meant to sensitise residents of Butha Buthe about wise ways of using money and equipping them with the right skills for handling finances.

The financial education steering committee (FESC), which is also part of the campaign, engaged a wide range of stakeholders in financial management to educate people about basic issues such as budgeting investments, savings and insurance. FESC also teaches about pension or retirement funds. Its chairperson stressed that the youth normally look away at the mention of pension and often think it does not affect them, whereas it is wise to have that fund early when there is still enough time to prepare for the future.

The committee said saving or investing money has seemingly been a challenge to the youth due to several reasons or circumstances. Some have short-term savings and eventually use the money after some time because their income is not enough to sustain their needs and maintain savings at the same time.

District administrator Ts’epa Chaba expressed gratitude on behalf of Butha-Buthe residents for including the district in such a significant and life-changing event. CBL along with other financial institutions realised that the youth do not pay enough attention or take into serious consideration the necessity of planning to have a bright future when they still have enough strength and a greater chance of starting. The governor of the CBL, Maluke Letete, urged young people to set financial goals, despite the challenges they come across daily in their financial struggles.

According to the chairperson of the microfinance association, Nthole Mojapela the association’s main purpose is to support and offer loans to those who do not qualify for bank loans and are less privileged.

He further said they also assist young entrepreneurs to build their start-up businesses.  “We are here to give easy access to finance,” he said. On the other hand, one of the youths Tlaleng Leqosa said the Money Month campaign is one of the campaigns young people need to participate in. She further said she appreciated that Butha-Buthe youth were given such an opportunity of being part of the campaign.

Leave a Reply

Your email address will not be published. Required fields are marked *