RBM Urges Young People To Embrace Money-Saving Culture

The Reserve Bank of Malawi (RBM) has launched the Global Money Week which seeks to raise financial literacy among young and to help them gradually acquire the knowledge, skills, attitudes, and behaviors needed to make wise financial decisions and eventually attain financial resilience and well-being.

Speaking during the launch on Monday at Bangwe Secondary School in Blantyre, RBM’s Chief Examiner – Consumer Protection and Financial Literacy Madalitso Chamba urged the young people in the country to embrace the culture of saving money saying it is critical for their future.

“We may say children have no money, but these children, they manage money. They have pocket money, and how they are spending that pocket money matters,” she stated.

She added that, “What is important for them are the resources. If somebody has 10,000, out of that 10,000 is a child able to serve. And whatever amount the child is serving, what are they doing with the savings? So those are the resources that we are teaching, that we are incorporating, so that when these students graduate from school, they are able to use those resources in their lives.”

A form-four student at Bangwe Secondary School, McCollin Petro discusses what he believes to be a crucial component of saving money.

“These messages are very good, in my opinion. I have been motivated because I believe that I have used money excessively in the past. However, I am determined to use money properly moving forward, especially since we will be going to the world after the exam” he explained.

According to the central bank, a number of activities have been lined up targeting students across the country to sensitize them on financial literacy.

This is the 13th edition of Global Money Week which is taking place from March 17-23, 2025. It began in 2012 and has now expanded to 176 countries, reaching over 60 million children and youth.

The week is being commemorated under the theme, “Think before you follow, wise money tomorrow”.