Windhoek — Financial literacy is described as the possession of skills and knowledge that allows an individual to make informed and effective decisions with their financial resources.
Elivi Shinedima, a teacher by profession who is currently a full-time social entrepreneur running various businesses, feels that financial literacy should be added as a compulsory subject in the Namibian education curriculum.
The 25-year-old Shinedima, who has been attending various business seminars says she was highly perplexed by the irresponsible decisions - inadequate planning and budgeting- young people make when they have money.
"It is sad to see our Namibian generation both old and young chained to financial debts, make poor financial decisions, become victims of predatory lending, fraud committers, bankrupt and facing foreclosure which many at times occurs as a result of the absence of financial literacy," says a concerned Shinedima.
It is in this light that she urges the education planners to introduce financial literacy at schools in the near future, to help them make better decisions.
According to Shinedima, financial literacy assists individuals to become self-sufficient so that they can achieve financial stability by developing a financial road map to plan for retirement, investment, identify and evaluate earns, spendings, owes, manage financial risks effectively and avoid financial pitfalls.
She adds that schools should teach learners to know how money is made, spend, and saved, as well as the skills and ability to use financial resources to make decisions.
"With this knowledge, learners will then be able to make wise decisions with money by determining whether an item is required, whether it is affordable, and whether it is an asset or a liability," she explained while encouraging every individual to read books, invest on what is important, plan and budget, and for people to stop following unconstructive societal trends and lifestyles which they can't afford.