Zimbabwe monthly inflation statistics have been published and the main highlight is that the implied annual inflation figure was 521.1% for the month of December 2019, having peaked from 481.05% in November 2019. ZimStats reported that monthly inflation shed 0.91 percentage points to 16.55% from the November 17.46%. The month on month Food and Non-Alcoholic Beverages inflation rate stood at 15.75% in December 2019, shedding 6.88 percentage points on the November 2019 rate of 22.63%. On the other hand, the month on month non-food inflation rate stood at 17.14%, gaining 3.20 percentage points on the November 2019 rate of 13.94%. The Ministry of Finance & Economic Development had targeted a monthly inflation rate of 10% with expectations that the rate would continue to move downwards from October 2019.
Piggy has noted with concern that inflationary pressures remain elevated given the pass-through effects of a deteriorating exchange rate. The country continues to face shortages of foreign currency given that the economy is import-dependent and productivity levels remain low (capacity utilisation levels below 50%). The implication for households and individuals is that there is need to consider bankable means of preserving the value of incomes. An understanding of personal finances and available investment options will be critical in 2020 and beyond.
The piggybankadvisor.com platform has been set up to engage individuals and households on personal finance topics that are earmarked at providing the basic education. It is a fact that most 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 and journals – This helps in terms of keeping oneself updated on current financial market developments;
- Personal finance websites and blogs– Stock exchange websites (ZSE) may also assist in terms of educating people on stock market investments. Some personal finance websites have also adapted social media in their outreach strategy;
- News/TV Channels on Personal Finance – TV Channels such as CNBC Africa and Business Day TV offer a good avenue to learn and keep abreast of financial products and developments; and
- 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.
Piggy encourages more engagement through WhatsApp Groups. There are a number of important aspects that one may never learn by acquiring a paper qualification from college as illustrated hereunder;
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