The FLI celebrated World Savings Day on 29 October 2016 at the 10th Annual Namport Erongo Business & Tourism Expo in Walvis Bay. The celebration aimed to increase awareness amongst all Namibian citizens on the importance of a culture of savings and the crucial role it plays on the financial stability of all households as well as enterprises.
World Savings Day was established on October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. Representatives of 29 countries wanted to bring to mind the thought of saving to the worldwide public and its relevance to the economy and the individual.
The Financial Literacy Initiative dedicated the day to the recognition of the important role that savings play in enhancing personal and household financial security. At the level of the financial industry and the economy in general, saving builds up resources that are vital to the development of productive activities capable of improving economic growth and reducing poverty.
Speaking at the celebrations, Mr. Francois Brand deputy director of the Financial Education and Consumer Protection Division at the Ministry of Finance highlighted that savings can start small, irrespective of income level, he further encouraged the youth to get into the habit of saving at a very young age as this will help them to make sound financial decisions for their future.
The FLI wishes to thank the members of the public and its stakeholders for celebrating this important day with us.