Dodoma — ABOUT 40 per cent of Tanzanians lack financial literacy, the Commissioner for Finance Development in the Ministry of Finance and Planning, Dr Charles Mwamwaja has revealed.
Speaking to reporters on Wednesday on the upcoming second national financial services week to be held in Mwanza Region from November 21 to 26, this year, in which they plan to meet various stakeholders and raise awareness on financial aspects for economic growth.
He said financial literacy training was crucial because it enables students to impart knowledge to the public for them to have the ability to understand and effectively use various financial skill.
These include, but are not limited to personal financial management like household budgets, credit cards, insurance, government budgeting, borrowing, lending, mortgages, investing, and taxation and credit facilities.
Dr Mwamaja insisted that financial literacy is crucial to all-inclusive and meaningful socioeconomic development of a given country on a sustainable basis.
He stressed that practical knowledge by the people in general of financial products and services in all their forms is a sure-fire way to go forward and up the ladder of progress.
It is to this noble end that the Tanzania government -he said, working through public and private sector institutions like the finance ministry and the Financial Sector Deepening Trust (FSDT) have tirelessly been pushing for increased financial literacy and other factors that are purposefully designed to bolster national development.
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Dr Mwamwaja added that the widespread financial literacy is also a functional incentive for luring prospective investors into the country - as well as an added benefit in the context of international trade and other global interactions.
During the week, the ministry has planned a series of events and sessions aimed at disseminating public awareness on financial services.
"The government will continue providing public awareness to deepen the financial markets and benefit people.
The ministry, in collaboration with various stakeholders in the financial sector, has prepared a financial literacy tool kit which has identified key areas of consideration during the provision of financial education to the public.
The government intends to make 80 percent of the population aware of financial matters by 2025, as a result of the implementation of the financial education programme.
He said many Tanzanians do not benefit from these services leading to missing opportunities to improve their livelihood through various economic activities and ultimately contribute to economic growth.
"You know, the role of the financial sector in the economic growth is like blood vessels in the human body," said
The National Financial Services Week aims to reach various stakeholders including public servants, students, teachers, women, youth, people with special needs, small and medium entrepreneurs (SMEs), non-government organisations, editors and journalists, financial service providers - and the general public.
