Survey finds financial knowledge rises slowly, financial capability moderately but financial behaviour improves dramatically
By Natasha Jacha.
The Bank of Namibia last week launched the Namibia Financial Capability Survey results which were commissioned by the Financial Literacy Initiative and carried out by Survey Warehouse with the support of the Bank of Namibia and the Namibia Statistics Agency.
Present at the launch was the Secretariat Manager of the Financial Literacy Initiative, Mr Francois Brand, the Deputy Director of Strategic Communication of the Bank of Namibia, Mr Kazembire Zemburuka on behalf of Governor Ipumbu Shiimi and Mr Alex Shimuafeni, the Statistician General representing the Namibia Statistics Agency.
According to Kazembire, as enshrined in Vision 2030, the 5th National Development Plan and the Financial Sector Strategy 2011-2021, Namibia strives to achieve an inclusive financial sector as well as financially literate and protected consumers of financial services and products.
The Namibia Financial Capability survey measured and assessed the country’s financial capability over the period of four years, identifying the financial education needs of enterprises, households, individuals and other target groups. It also evaluated the impact of financial education activities that have been implemented by the Financial Literacy Initiative.
The average overall Namibia Financial Capability score for 2017 was 52.94%. In comparison with the 2013 survey results, this is a ten percentage points higher than the previous 42.75%. Financial knowledge increased by 0.07% and financial behaviour by 18.51%.
“By using the collected and analysed information, progress and impact of future activities can be continuously measured. It is envisaged to carry out the Namibia Financial Capability Survey on a regular basis” the Bank of Namibia stated.
The ceremony was concluded with powerful words from the Corporate Communications Manager at NAMFISA, Ms. Victoria Muranda; “there is power in credible data, there is power in information and data can ignite change.”
Caption: Statistician General Alex Shimuafeni (left), Kazembire Zemburuka of the Bank of Namibia, and Francois Brand of the Financial Literacy Initiative.