Windhoek — The Namibia Financial Capability Survey results were recently released at the Bank of Namibia, indicating that the average overall Namibia Financial Capability Survey for 2017 was 52.94 percent, which is a 10 percent increase, compared to 2013. The survey also showed that financial knowledge increased with 0.07 percent, and financial behaviour with 18.51 percent.
The survey measured and assessed the country's financial capability, specifically from 2013 to 2017. The results also identified the financial education needs of enterprises, households, individuals and other target groups, and evaluated the impact of financial education activities that have been implemented by the Financial Literacy Initiative (FLI).
Last week, the FLI Secretariat Manager, Francois Brand, Deputy Director of Strategic Communication of the Bank of Namibia, Kazembire Zemburuka, and Statistician General of the Namibian Statistics Agency, Alex Shimuafeni, launched the results.
The Namibia Financial Capability Survey was commissioned by the Financial Literacy Initiative, and carried out by Survey Warehouse with the support of Bank of Namibia and the Namibia Statistics Agency.
As stated in Vision 2030, the 5th National Development Plan and the Namibia Financial Sector Strategy 2011- 2021, the country strives to achieve an inclusive financial sector, as well as financially literate, and protected consumers of financial services and products.
Against this background, FLI and stakeholders identified a need for a national benchmark on financial literacy to enable the responsible institutions to monitor activities undertaken to achieve these development objectives.
According to the FLI, financial literacy is defined as "the ability to make informed judgements and take effective decisions regarding the use and management of money, and on the knowledge and skills passed on by financial education". Financial literacy, as per this definition, therefore consists of both a behavioural and knowledge component.