Piggy has noted that the problem of income disparity is a global one and not only specific to a developing country such as Zimbabwe. According to a recent World Economic Forum Global Risks Report, the risk that is most likely to manifest over the next 10 years is severe income disparity.
An interesting observation is that human capital is the largest contributor to income inequality. Wealthy people tend to have access to good education, implying that they have better chances of securing the best jobs. With a good education also comes more exposure to financial and investment knowledge. Africa as a continent has been making strides earmarked at addressing the issue of income inequality. However, this remains a major concern across the continent. Piggy believes that one of the measures that can be taken at a national level to close the gap between the rich and poor is to promote financial literacy.
It is a fact that many people struggle with knowing how to manage personal finances, reduce debt, invest on the stock market and even plan for their retirement. The following are some of the ways that individuals can improve their financial literacy levels;
- Reading financial newspapers or journals – This helps in terms of keeping oneself updated on current financial market developments
- Personal finance websites such as www.piggybankadvisor.com as well as stock exchange websites (JSE) may also assist in terms of educating people on stock market investments. Personal finance websites such as piggybankadvisor.com also make use of social media platforms so as to increase reach.
- TV Channels on Personal Finance – TV Channels such as CNBC and Business Day offer a good avenue to learn and keep abreast of news, financial products and developments.
- Setting up investment clubs– Individuals can also come together and form a club so as to learn more about investing in stocks and making a return on investments.
Overall, Financial Service Providers (FSPs) need to set up more platforms and engage the public through continuous workshops and conferences on personal finance topics earmarked at educating and empowering the general populace through knowledge.
Piggy has recommended beginners who would like to venture into the world of Global Market Online Trading to complete the babypips course. The instructions are outlined here; https://piggybankadvisor.com/2019/05/30/an-fx-trading-course-for-beginners/
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