Ministry of Finance Principal Secretary, Vusi Dlamini, has revealed that overall financial capability in Eswatini stands at only 26%, with 62% of emaSwati not planning their finances and 68% struggling to control them.
Dlamini was speaking during the launch of the annual Global Money Week, held at the Central Bank of Eswatini (CBE) complex in Ezulwini. Dlamini speaking on behalf of the Minister of Finance, Neal Rijkenberg, said that in Eswatini, financial literacy statistics reveal a troubling reality.
He said there is an urgent need for enhanced financial literacy in the kingdom. Dlamini noted that this year’s Global Money Week theme, “Think Before You Follow, Wise Money Tomorrow,” is a crucial reminder for young people to be mindful of financial decisions rather than blindly following social media influencers.
“As we reflect on Global Money Week’s theme, we are reminded of the importance of good money management, such as budgeting, saving, and investing, in achieving long-term financial well-being. Currently, 62% of the population isn’t planning their finances, 68% are struggling to control them, and 61% lack the knowledge to manage their money. These figures highlight the urgent need for financial literacy, which is essential for empowering individuals to shape their financial futures and break cycles of poverty,” he said.
Dlamini added that there is a profound link between financial literacy and financial inclusion. When individuals have sound financial knowledge, they are more likely to access and utilize essential financial services, like bank accounts, loans, and insurance products.
“By building financial literacy, we create pathways to inclusion, especially for marginalized communities, ensuring finance is accessible to all, regardless of socio-economic status. This is not just about equality, but justice and empowerment,” he added.
Dlamini emphasized the responsibility to ensure financial education is accessible through school curricula, community programmes, and partnerships with financial institutions.
“We have a responsibility to advocate for policies that promote financial knowledge, breaking down barriers that limit participation in the financial system. It is crucial that every citizen, especially the youth, has the tools to thrive,” he urged.
Dlamini concluded by urging everyone to continue their efforts beyond Global Money Week. “Let us engage the youth in conversations about financial risks and opportunities,” he said.