Lack of personal financial management skills worries experts

A financial expert has expressed concern over the widespread lack of personal financial management skills among Malawians, warning that this shortcoming is hindering the country’s economic growth.

Audrey Mwala, Managing Director of Sycamore Consult Limited, made the remarks in Lilongwe during a personal financial management training session. She noted that many Malawians live paycheck to paycheck, with little or no savings, which limits both individual and national economic progress.

“Remember, the wealth of a country is the total sum of the wealth of its individuals and businesses. If individuals are not financially secure, the nation remains poor,” Mwala said.

She further criticized the current education system, arguing that while it teaches people how to earn money, it fails to equip them with essential skills on how to manage it. She stressed that financial literacy is a cornerstone of sustainable economic development.

One of the training participants, Sabit Sayidi, who serves as the Human Resources and Administration Manager at the Export Development Fund, believes the training will promote financial independence among employees.

“When employees are free from debt, and can manage their financial affairs effectively, they are more focused and productive at work. This, in turn, boosts overall company performance,” Sayidi explained.

The training session drew around fifty participants, all eager to strengthen their financial literacy and contribute more meaningfully to both personal and national development.