“Without financial literacy, divorce rates soar, families rupture and women stay with abusive men for financial security. A lack of job or income contributes to riots and illegal activity. Name any situation of negative impact and it goes back to money. The only way to focus on poverty eradication is to prioritize the promotion of financial literacy via money management as one of the pillars to creating the pathway to financial wellness and having a financially secured future”. – Proshare Foundation
In 2015, the United Nations member states came together to share and agree on a blueprint for peace and prosperity for the people and planet for the present and future times. At the heart of this are 17 Sustainable Development Goals with the recognition that ending poverty and other deprivations require urgent action for the improvement of economies and the well being of the planet’s people.
Poverty is the bane of many societal ills and many people and nations of the world experience this on the daily. However, poverty is man made and while there may not be a total eradication of this pandemic, it can be drastically reduced with the promotion of financial literacy. Beyond understanding the guiding principles that speak to belief systems, which ultimately influences how we make, manage and multiply money; the knowledge that financial education brings is the confidence to make informed financial decisions for now and the future and passing along this knowledge and values to generations to come. Where there are more financially literate people in the world; it stands to reason that this knowledge will influence how we live everyday lives, how we conduct businesses and create the strategies that will ensure we are able to protect all that we have built.
In Nigeria, according to a 2015 financial survey, there is a 31.1% and 68.5% rate of financial illiteracy in urban and rural areas. 48.5% of this accounts for men in urban cities while 50.3% of men found in rural areas. Another FinLit research states that only about 33% of adult population in the world are actually financially literate; which means that they understand basic financial concept. The question is are you among the 33%? (Click here www.protraderafrica.com)
At Proshare Foundation; we believe that while the culture supports a radical approach to making money; we do not disregard the other elements of financial wellness namely ‘managing and multiplying money’. How can we use money management skills to mitigate against poverty or a culture of lack?
- A healthier savings culture
- Unlearning and relearning functional and sustainable financial values
- Exercising expense / spending restraints
- Redefining financial priorities
- Building legacy values and wealth for future generations.
No one is born with the capacity to make sound financial decisions. It only comes through education, exposing one’s self to reading the right materials and training. Having money does not equate to knowing about money. We must consistently hold on to the principles of money management to ensure that the money we have stays with us so we can multiply. Wealth cannot be increased if it is not there. The only way to break the poverty cycle is to consistently follow the principles that will ensure financial wellness.
You can find us @proshareFDN on Twitter and Instagram for financial education content and if you have questions about money and personal finance, we will love to read from you. Do send an email to us at email@example.com.
Always remember; the best trick to manage your finances is you learning to budget your wants and needs, living within your income and of course imbibing a healthy savings culture.
With love and wellness.
Proshare Foundation Team