LIBERTY LIFE JOINS THE FIGHT FOR FINANCIAL LITERACY

LIBERTY LIFE JOINS THE FIGHT FOR FINANCIAL LITERACY

Liberty Life Botswana has introduced a new financial literacy program named Mind My Money. According to a communique from the life insurer, the program aims to empower its participants to achieve wealth, financial freedom, and peace of mind through highly interactive workshops that combine focused financial information with inspirational videos, group exercises, online activities and storytelling.

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Liberty Life Botswana has introduced a new financial literacy program named Mind My Money. According to a communique from the life insurer, the program aims to empower its participants to achieve wealth, financial freedom, and peace of mind through highly interactive workshops that combine focused financial information with inspirational videos, group exercises, online activities and storytelling.

When speaking during the launch, Liberty Life Botswana Managing Director (MD), Lulu Rasebotsa said that the current state of the Botswana economy provided the basis for the introduction of Mind My Money financial literacy program. “In these financially trying times, we need to go back to the drawing board and educate the public on good debt vs bad debt, benefits of long term vs short term borrowing, and how to make the best out of the little money they have to ensure it takes them just a little further,” Rasebotsa said with reference to the Bank of Botswana Monetary policy which forecasts that growth in personal incomes will continue to be restrained and will continue to also restrain overall domestic demand.

The bank further went on to mention that a considerable increase in administered prices and government levies and/or taxes as well as any increase in international food and oil prices beyond current forecasts presents an uncertain possibility of gain in inflation.
Rasebotsa said Liberty has taken public education responsibility head on, which “all starts with us being a society that is conversant in the language of money, how to make it, how to spend it, how to save it, and how to invest it.”

Mind My Money financial literacy program is a personal journey to financial freedom put together by experts who understand money, the ages and stages of it. Through the interactive learning process, the program provides knowledge on how to manage income, tackle debt, save and plan for future investments.

In her officiating address, Honorable Bogolo Kenewendo, Member of Parliament – Special Elect, began by commending Liberty Life Botswana for bringing Mind My Money financial literacy program to life and to the doors of many Batswana who need it. She further mentioned that the government is concerned about the notable increase in household indebtedness and its causes.

“The 2015-2020 Financial Inclusion Roadmap outlines financial literacy as one of the key Implementation Priority Areas to promote financial inclusiveness in Botswana. Lack of understanding of financial products was identified as a specific barrier to access by both consumers and product providers.”

Further, she urged businesses and individuals alike to commit themselves to educate themselves, especially through available platforms such as the Mind My Money, so that they may lead better lives and be productive, functioning members of society unencumbered by the heavy load of unwarranted debt.