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    LIFE EMPOWERMENT TRAINING SKILLS

    Why is basic financial literacy so important?

    As the world continues to feel the repercussions of the unprecedented financial and credit crisis that has engulfed the global economy over the past few years, it is
    important to stop and take stock of the situation closer to home. While the decline of the markets has many causes, it is undeniable that lack of financial illiteracy is one
    of the root causes. Sadly many individuals do not have the basic financial skills necessary to develop and maintain a budget, to understand credit, interest rate, investment,
    vehicles finance, or the know how to take advantage of appropriate banking products available for their respective needs.

    It is essential to provide basic financial education that allows people to better navigate an economic crisis such as this one. Statistics have shown:
  • Approximately 61% of employees worry about their debt
  • At least 20% are financially stressed to the extreme; the result is that productivity of employees is greatly influenced and areas such as absenteeism and petty thieving
    are on the increase.
  • One must mention the health issues that go along with the stress of not being able to feed one's family or dealing with the impact of monthly Garnishee orders.
  • Much of the above can be avoided if employees are afforded the opportunity to understand the BASIC concept of budgeting.

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