September 11, 2020 • 26 mins
"You have to decide to make a conscious and intentional effort to obtain financial independence and once you do that, get all the resources that you can and you will be ready for any financial crisis." - Peter Kwadwo Asare Nyarko.
In this episode of GET READY!, I spoke with Peter Kwadwo Asare Nyarko, the Executive Director of the Center for Financial Literacy Education (Africa) about financial literacy for children. We also discussed trends in financial literacy education along with what’s unique about finance in Ghana and what are common financial issues across the globe.
Bio: Peter Kwadwo Asare Nyarko is a Social Entrepreneur, Author, Founder and Executive Director of Center for Financial Literacy Education Africa. He is a Financial Literacy Advocate and Educator. Peter is the Lead Ambassador for The Financial Awareness Foundation in Ghana. Peter and his team are championing “The Improving Financial Awareness and Financial Literacy Movement in Ghana and Africa.”
The Get Ready Money Podcast and its guests do not provide investment advice. All content is for educational purposes. Guest opinions do not necessarily reflect the opinions of The Get Ready Money Podcast and Tony Steuer.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:12):
Welcome
Speaker 2 (00:13):
The get ready with Tony Stewart podcast today.
I'm pleased to be joined byPeter quad.
Well, uh, sorry.
Nyarko good morning, Peter.
How are you?
Hi, Tanya.
Good morning.
I'm doing good.
Good, good.
Uh, Peter is joining us all theway from Ghana in Africa.
(00:34):
So, um, welcome.
Thank you.
I'm I'm I'm happy to be here.
I'm happy to join you do this.
So the Aztec, so, um, in today'sepisode, we'll be discussing,
uh, global financial literacy,especially how it impacts
children.
(00:55):
Um, uh, I'll tell you a littlebit about Peter.
Uh, Peter is a socialentrepreneur, author, founder,
and executive director of thecenter for financial literacy
education Africa.
Uh, Peter is a financialliteracy advocate and educator.
Uh, additionally Peter is a leadambassador for the financial
(01:16):
awareness foundation in Ghana.
Uh, Peter and his team arechampioning the improving
financial awareness andfinancial literacy movement in
Ghana and Africa sounds like alot.
Um, so Peter, can you tell us,uh, you know, a little bit more
about what you do?
I know I covered some of it inthe bio, so thank you, Tony
(01:45):
[inaudible] and[inaudible], soI've dedicated my life to a
mission of empowering equipping,educating and coaching my
generation to help them buildand achieve financial success.
So I advocate for financialawareness.
I advocate for financialliteracy and financially
(02:09):
literate society is necessary tosurvive the global crisis.
And so I, I, I am more intofinancial awareness and
financial literacy, and I'mtrying to create massive
awareness on, on financialliteracy in Ghana and in Africa.
Yeah, well, that's a worldwideissue is, uh, financial
(02:30):
awareness.
I think, uh, you know, we canall share that, that people just
are not aware of what to do withtheir money and, uh, how to
think about it or arecomfortable with it.
So, um, you know, it's aninteresting field and definitely
a lot of work to do so, Peter,you know, each of us has a
(02:52):
unique story about how we becomeinterested in financial
literacy.
Um, why did you decide to afinancial
Speaker 3 (03:00):
Literacy advocate?
Okay, thank you, Tony.
I would say two things informedmy decision to become a
financial literacy advocates.
So one has to do with how I'vebeen witness head, and a lot of
individuals and families whosaid mid-March at a point in
(03:24):
time and later lost or spend itall due to their financial
access in actions and decisions.
So we'll see growing up, I saw alot of successful people drew
all the nice who or the nicefastener para.
(03:46):
And later in their old age, theystruggle with money because they
couldn't, they couldn't buildthat strong financial foundation
and that decision didn'tposition them at that level.
So I, I, Y you walk through ourcommunities, you see a lot of
(04:07):
poor people, a lot of miserablepeople, a lot of people who are
struggling just because theymade a decision, or they took a
decision that they know Googlewith their financial foundation.
So I dare to, to be the change Iwanted to see in the world.
I started to take the message ofsound financial planning to the
(04:29):
people so that they can build astrong foundation and prepare
for the future.
And second, the second decisionthat, eh, eh, that boost of
boost step to become financiallyadvocates is it's a story of my
(04:50):
granddad who was very successfulwith money.
He made all the money, but hisfinancial access and
inaccuracies had a huge impacton his life.
In his old age.
Eh, he made all the money, buthe couldn't land very well.
It couldn't prepare very well.
It couldn't build any financiallegacy.
(05:13):
And after witnessing hisfrustration after, uh, getting
close to him and he's sharinghis story with me, I thought it
wise, I Allie, to take thismessage to the people I need to,
eh, educate people.
I need to talk to people aboutthis so that they can prepare
(05:34):
for the future, because at thatpoint in time, money will come
into your hand.
But once you are not able toprepare well for the future, eh,
you are willing to put yourselfin a serious financial, hot
water, and I don't want this tohappen to my generation.
So I started to be the changeand talk to people about
financial literacy and createthat massive financial wellness.
(06:00):
So stories of people that I saw,people that I had experience
with, and my granddad's storyalso solidify my decision to
become a financial planner.
Fantastic.
Well, you hit on so many goodpoints.
Well, one, I love the quote, bethe change you want to see.
(06:23):
Um, and you talked about thefoundation, um, building a sound
foundation.
I think people oftentimes missthat, that you do have to start
at the beginning and do thathard work of laying out a plan.
And then of course, the storyabout your grandfather.
I think we all have that, um, orknow people, you know, have the
(06:46):
fancy clothes and the cars andmoney just, you know, no matter
how much they make, they tend tospend as much or more.
Um, so, you know, that's great.
And I can see why that drew you.
I mean, same things drew me into financial literacy as well.
Um, yeah.
(07:06):
So, you know, um, can you tellus a little bit about, uh, what
the center, uh, for financialliteracy education Africa is?
Okay.
[inaudible] is a nonprofitorganization in Ghana and we
(07:26):
focused on improving financialwellness and financial literacy.
So we are raising a community offinancial literacy.
So most Ghanians and Africansdon't have robot twos to, to, to
address everyday money decisionsand[inaudible] financial and
physical wellness[inaudible] andfamily dreams let alone Andrei
(07:58):
debt free life.
So it is Bridget, a huge amountof pressure on them, families
and the government.
So we thought, why wouldn't itbe great if there's a resolution
to this lack of financialilliteracy epidemic?
So we are the center forfinancial education Africa.
We strongly believe there is,and it revolves around better
(08:21):
educating and helping them makesound financial education.
So set up a financial literacyeducation Africa, it's creating
massive awareness of financialliteracy.
Educating people can make soundfinancial disease plan for the
future and also help otherpeople.
(08:46):
So basically set up a financialliteracy education is reading
communities because you come toour part of the world, Africa,
you see a lot of poor people, alot of miserable people, and we
want to help shape that.
You want to hop, eradicatepoverty in, in, in, in, in Ghana
(09:09):
and Africa.
Speaker 2 (09:13):
Yeah.
That's, that's important work.
And, you know, I know that theeconomic conditions are, uh, can
be challenging.
You know, I mean, not, not fromfirsthand knowledge of course,
but you know, what would youhear about Africa?
So I, I think that's just greatthat you're doing, uh, that kind
of work.
And I, I think you hit on themost important point and that's
(09:34):
about knowledge and making aplan is, you know, again, that
gets back to the foundation it'seducation,
Speaker 3 (09:41):
Uh, you know,
Speaker 2 (09:42):
That's, that's where it all starts get out, learn
something, uh, you know, andwhat you're doing is teach, uh,
which is the other part of theequation.
Um, so I think you talked aboutit a little bit.
Um, can you elaborate a littlebit more about, what's unique
about, um, finances in Ghana andAfrica then, uh, the U S or
(10:05):
other parts of the world.
Speaker 3 (10:08):
Okay.
Eh, finances in Ghana.
Eh, I will take me from adifferent angle.
I, I think in Ghana, ourspending habits is very unique.
Okay, I'll spend it.
Now.
This is very unique.
I've realized the same peoplewho complain about not having
(10:30):
money to save or invest added tospending habits are very
terrible.
I've read Ghanians spent morethan he makes.
The average Ghanian does notlive within his means.
(10:52):
The average Ghanian spend is hismoney, even before he makes it
so mostly people live on credit.
And so in 22 to 88, I did a Savi, not crowd, the capital of
Ghana.
(11:12):
So I went out to the Fridaynights just to witness how
people's money to know theirspending habits, spending habits
of these people.
So I went out to the Fridaynights, I went to some of the
busiest streets in Accra, and Iwas amazed how the SIPI who
(11:34):
complain about not having moneyto save or invest, eh, spend
huge amounts of money on funentertainment and unnecessary
stuff.
So I think our spending habitsis very unique.
We complain about not havingmoney, but we over spend money
(11:56):
and okay.
Oh no, I was just smilingbecause I'm thinking the exact
same thing as you.
I get it.
I, I know that you need aboutfinances in Ghana.
(12:16):
People give you financial adviceas sales people.
So these are people who workedfor financials, who worked for
investment houses.
These are the people givingfinancial advice.
And I think there is a conflictof interest.
(12:38):
So they don't give unbiasedfinancial education to the
people they end up selling tothese people.
So they don't see exactly whatthey need to see.
And it's a unique thing here inGhana.
Lots of financial advisors wehave in the system are suits
(12:59):
people.
And I also talk about digitaltransaction as, as why unique as
well.
So when you go on our behalf,this mobile money transfer, okay
.
Mostly we call it the transferand that telecommunication
networks had made it easy forpeople to save money and spend
(13:23):
money, even get a loan.
So people could, people keeptheir money on people to
transact using their cell phonesand people maybe request for
petty laws.
(13:44):
And I believe the positiveaspect of this operation is that
, uh, it helps people, it speedsup transaction so people can
transact anywhere.
Anytime my day is I know thataspect of this, eh, and Apple
was spending.
So if you are not disciplinedenough, you will spend your
(14:07):
money because you have easyaccess to your money on your
cell phone.
So tell me about finances.
Spending habits is very key.
And most of the financialadvisors we have in Ghana as
sales people and digitaltransaction is also taking a
(14:33):
differentiate in Ghana.
I mean, to some degree, it's,you know, I see some of the same
issues here as well.
And that that's, what'sinteresting is that, you know,
to some degree is, you know,it's, it is a common thing that
(14:55):
maybe we all think is unique.
Uh, you know, um, the money onthe phone in the U S has not
caught on yet, but I could seehow that's really would speed up
the spending because it's justso easy, um, to do so.
So, you know, the follow upquestion here is, you know, w
(15:17):
what do you feel are the commonfinancial issues for people all
over the world?
Um, what do we do?
Okay.
So I think it's lack offinancial awareness and
financial literacy and peoplewho go to school without lending
financial literacy and basicmoney principles.
(15:39):
So we have powerful, you havepowerful people,[inaudible]
people yet these people are notable to manage or plan finances.
They don't even understand thebasic ways opposed to personal
finance management.
And I think this is different.
(16:00):
This is a group I challenge.
So most people are not aware ofyour financial situations.
And even if they do, majorityare not financially literate or
educated enough to take chargeand make sound financial
decisions.
So I believe once we createmassive awareness on financial
(16:21):
literacy, once we incorporatefinancial literacy in our school
system, once we help peoplebecome a way of their financial
situation, I think we can fight,eh, the issue that we have with
(16:44):
finance it's, eh, I would sayJory of COVID-19 gene, uh,
simply because people did notplan ahead.
And we have communities who donot have, uh, food who do not
(17:06):
have money to buy things theywant, they need in the midst of
COVID-19 or because we are notfinancially aware.
And so I believe financial lackof financial awareness and lack
of financial literacy.
It's a global challenge that weneed to tackle.
(17:26):
We need to do it, and we need tofight it.
Yeah.
And I agree, I think it shouldbe a skill that's taught in
school and starting at an earlyage is that, um, you know, it,
it's something that's a skillthat everybody needs.
(17:47):
Um, and as you point out isreally coming clear, uh, as an
impact at COVID-19 that peopledon't have the money that they
can have, because getting backto what you said earlier, they
bought some fancy cars, we buynice clothes or whatever,
instead of putting some moneyaside for the future.
(18:07):
But, you know, part of it isjust, they're not aware.
Um, so, you know, I mean, I'mwith you a hundred percent on
all this.
Um, so, you know, I mean, yourwhole thing is, uh, you know, I,
I wanted to ask you, sorry, thatwasn't a great question.
What is the improving financialawareness and financial literacy
(18:32):
movement all about how, how areyou doing this?
How are you implementing thesethings that you want to work on?
Okay.
So, uh, after we started[inaudible], we wanted to help
ganja is mixed on financialdecisions.
And as we keep expanding, wewant to take you to Africa.
(18:56):
And so we were looking fororganizations that can help our
efforts back on hop offstrategies.
And we got in touch with thefinancial wellness foundation in
the us S executive director beenValentino.
So he came on board withmovement that has been champion
(19:23):
in the us.
So we also buy into his idea andwe started a movement here in
Ghana.
So we are the movement seek toimprove financial awareness and
financial literacy in Ghana inAfrica is to unite financial
literacy organizations,nonprofits, and so that they
(19:45):
would take a leadership role.
So we are United, we are Unitednonprofits.
And then we also bring inonboard government educational
institutions.
(20:06):
All of these people wouldchampion resources, their
efforts, including finance andfinancial literacy movements.
So currently, and we are tryingto please and universities every
(20:37):
high school in Africa, everyindividual in Africa, those how
to make sound finance and[inaudible],
Speaker 2 (20:51):
That's important.
And I think that's such a greatidea to, you know, that's
something I've noticed.
There's so many people doingfinancial education work that,
you know, we're not all movingin the same direction or with
one mind.
And it's, I think that's great.
Uh, you know, I want to do thatmyself has helped bring people
(21:13):
together and I know Valentinoand he does great work.
And, you know, so, um,
Speaker 3 (21:21):
I think we have you on board, you can join the
movement so that we do thistogether.
Oh yeah.
Speaker 2 (21:26):
Yeah, definitely.
I, you know, I mean, that'sexactly why, you know, I know I
connected with you is, you know,you know, the more people that
we're all moving together that,you know, one voice becomes
Manny Hill.
So that's fantastic.
So Peter, um, you know, to wrapup, uh, what's your number one
(21:48):
tip for people on beingfinancially prepared?
Speaker 3 (21:53):
Okay.
My number one tip for people tobecome financially prepare is to
decide, to become financiallyindependent.
Nice.
So you have to decide to becomefinancially independent.
I believe once anybody makesthis board decision to become
(22:14):
financially independent, theywill put all efforts.
Mindset is everything when itcomes to financial co-creation.
So without a positive mentalpicture of way, which when, how
(22:35):
to attain financialindependence, it will be
difficult for anyone to identify.
So I would say you have todecide, you have to make that
decision conscious andintentional efforts to attain
financial independence.
And once you do that, get allthe resources, read all the
(22:57):
books that you can and practice,whatever that you have.
And surely you will, you will,you will be ready for any
financial crisis that will hityou.
Speaker 2 (23:10):
Definitely.
I love that, you know, it's,that's, it's simple and
challenging.
Um, you know, it's clear whatyou have to do, but it's hard
for people to make that decisionand then to stick with it.
Uh, so I love it though.
You hit it.
(23:31):
Um, so, you know, I, I'm goingto post links course to the
center, um, on my website, butyou know, how can people learn
more about you and get in touchwith you?
Speaker 3 (23:41):
Okay.
So on, on our website center forfinancial literacy and kitchen
Africa, C F L E africa.org, whenyou go on our websites, you can
reach out to me and all mysocial media pages, LinkedIn
pizza, pizza[inaudible], and onInstagram and Twitter, Mr.
(24:07):
Underscore a savvy novel.
And I want to take thisopportunity to, uh, call on
people, to support our efforts,uh, sent out[inaudible] over the
years, we have self founded.
I initiated and with supportfrom some, some of our mentors
(24:30):
of our board and our friends.
You have been able to, uh,impart a whole lot of people in
Ghana, and we want to passeveryone in Ghana and in Africa.
And we are calling on everyoneto support this movements.
So you can support your time.
You can support you in yourresources, you can support your
(24:50):
money.
So if anyone wants to support,they can get in tagged by
emailing me or going on ourwebsites.
So my personal email address ispizza NACO[inaudible] gmail.com.
So once you get in touch, youcan contribute your time, your
(25:14):
resources, your knowledge, yourexpertise, and to get our econ
race communities or financiallytreats.
Yes, definitely.
That's great.
And, uh, for everybody listeningor watching this podcast, um,
you can view the original blogpost on my website, where I will
(25:35):
put up, um, all of the links toget in touch with Peter, for,
uh, the website, uh, Petersocial media handles and email
address.
So, uh, you know, visit the blogpost and I'll have all those, um
, for you.
Um, Peter, thank you for joiningus today.
It's been a pleasure.
(25:58):
Sure.
So thank you too.
I've really enjoyed it.
And thank you.
Oh yeah, you're welcome.
And we've learned a lot.
So, um, for everybody listening,this is a another episode of the
get ready podcast.
Um, please be sure to subscribeto the, get ready podcast on
your favorite podcast channeluntil next time.
Welcome
Speaker 2 (00:13):
The get ready with Tony Stewart podcast today.
I'm pleased to be joined byPeter quad.
Well, uh, sorry.
Nyarko good morning, Peter.
How are you?
Hi, Tanya.
Good morning.
I'm doing good.
Good, good.
Uh, Peter is joining us all theway from Ghana in Africa.
(00:34):
So, um, welcome.
Thank you.
I'm I'm I'm happy to be here.
I'm happy to join you do this.
So the Aztec, so, um, in today'sepisode, we'll be discussing,
uh, global financial literacy,especially how it impacts
children.
(00:55):
Um, uh, I'll tell you a littlebit about Peter.
Uh, Peter is a socialentrepreneur, author, founder,
and executive director of thecenter for financial literacy
education Africa.
Uh, Peter is a financialliteracy advocate and educator.
Uh, additionally Peter is a leadambassador for the financial
(01:16):
awareness foundation in Ghana.
Uh, Peter and his team arechampioning the improving
financial awareness andfinancial literacy movement in
Ghana and Africa sounds like alot.
Um, so Peter, can you tell us,uh, you know, a little bit more
about what you do?
I know I covered some of it inthe bio, so thank you, Tony
(01:45):
[inaudible] and[inaudible], soI've dedicated my life to a
mission of empowering equipping,educating and coaching my
generation to help them buildand achieve financial success.
So I advocate for financialawareness.
I advocate for financialliteracy and financially
(02:09):
literate society is necessary tosurvive the global crisis.
And so I, I, I am more intofinancial awareness and
financial literacy, and I'mtrying to create massive
awareness on, on financialliteracy in Ghana and in Africa.
Yeah, well, that's a worldwideissue is, uh, financial
(02:30):
awareness.
I think, uh, you know, we canall share that, that people just
are not aware of what to do withtheir money and, uh, how to
think about it or arecomfortable with it.
So, um, you know, it's aninteresting field and definitely
a lot of work to do so, Peter,you know, each of us has a
(02:52):
unique story about how we becomeinterested in financial
literacy.
Um, why did you decide to afinancial
Speaker 3 (03:00):
Literacy advocate?
Okay, thank you, Tony.
I would say two things informedmy decision to become a
financial literacy advocates.
So one has to do with how I'vebeen witness head, and a lot of
individuals and families whosaid mid-March at a point in
(03:24):
time and later lost or spend itall due to their financial
access in actions and decisions.
So we'll see growing up, I saw alot of successful people drew
all the nice who or the nicefastener para.
(03:46):
And later in their old age, theystruggle with money because they
couldn't, they couldn't buildthat strong financial foundation
and that decision didn'tposition them at that level.
So I, I, Y you walk through ourcommunities, you see a lot of
(04:07):
poor people, a lot of miserablepeople, a lot of people who are
struggling just because theymade a decision, or they took a
decision that they know Googlewith their financial foundation.
So I dare to, to be the change Iwanted to see in the world.
I started to take the message ofsound financial planning to the
(04:29):
people so that they can build astrong foundation and prepare
for the future.
And second, the second decisionthat, eh, eh, that boost of
boost step to become financiallyadvocates is it's a story of my
(04:50):
granddad who was very successfulwith money.
He made all the money, but hisfinancial access and
inaccuracies had a huge impacton his life.
In his old age.
Eh, he made all the money, buthe couldn't land very well.
It couldn't prepare very well.
It couldn't build any financiallegacy.
(05:13):
And after witnessing hisfrustration after, uh, getting
close to him and he's sharinghis story with me, I thought it
wise, I Allie, to take thismessage to the people I need to,
eh, educate people.
I need to talk to people aboutthis so that they can prepare
(05:34):
for the future, because at thatpoint in time, money will come
into your hand.
But once you are not able toprepare well for the future, eh,
you are willing to put yourselfin a serious financial, hot
water, and I don't want this tohappen to my generation.
So I started to be the changeand talk to people about
financial literacy and createthat massive financial wellness.
(06:00):
So stories of people that I saw,people that I had experience
with, and my granddad's storyalso solidify my decision to
become a financial planner.
Fantastic.
Well, you hit on so many goodpoints.
Well, one, I love the quote, bethe change you want to see.
(06:23):
Um, and you talked about thefoundation, um, building a sound
foundation.
I think people oftentimes missthat, that you do have to start
at the beginning and do thathard work of laying out a plan.
And then of course, the storyabout your grandfather.
I think we all have that, um, orknow people, you know, have the
(06:46):
fancy clothes and the cars andmoney just, you know, no matter
how much they make, they tend tospend as much or more.
Um, so, you know, that's great.
And I can see why that drew you.
I mean, same things drew me into financial literacy as well.
Um, yeah.
(07:06):
So, you know, um, can you tellus a little bit about, uh, what
the center, uh, for financialliteracy education Africa is?
Okay.
[inaudible] is a nonprofitorganization in Ghana and we
(07:26):
focused on improving financialwellness and financial literacy.
So we are raising a community offinancial literacy.
So most Ghanians and Africansdon't have robot twos to, to, to
address everyday money decisionsand[inaudible] financial and
physical wellness[inaudible] andfamily dreams let alone Andrei
(07:58):
debt free life.
So it is Bridget, a huge amountof pressure on them, families
and the government.
So we thought, why wouldn't itbe great if there's a resolution
to this lack of financialilliteracy epidemic?
So we are the center forfinancial education Africa.
We strongly believe there is,and it revolves around better
(08:21):
educating and helping them makesound financial education.
So set up a financial literacyeducation Africa, it's creating
massive awareness of financialliteracy.
Educating people can make soundfinancial disease plan for the
future and also help otherpeople.
(08:46):
So basically set up a financialliteracy education is reading
communities because you come toour part of the world, Africa,
you see a lot of poor people, alot of miserable people, and we
want to help shape that.
You want to hop, eradicatepoverty in, in, in, in, in Ghana
(09:09):
and Africa.
Speaker 2 (09:13):
Yeah.
That's, that's important work.
And, you know, I know that theeconomic conditions are, uh, can
be challenging.
You know, I mean, not, not fromfirsthand knowledge of course,
but you know, what would youhear about Africa?
So I, I think that's just greatthat you're doing, uh, that kind
of work.
And I, I think you hit on themost important point and that's
(09:34):
about knowledge and making aplan is, you know, again, that
gets back to the foundation it'seducation,
Speaker 3 (09:41):
Uh, you know,
Speaker 2 (09:42):
That's, that's where it all starts get out, learn
something, uh, you know, andwhat you're doing is teach, uh,
which is the other part of theequation.
Um, so I think you talked aboutit a little bit.
Um, can you elaborate a littlebit more about, what's unique
about, um, finances in Ghana andAfrica then, uh, the U S or
(10:05):
other parts of the world.
Speaker 3 (10:08):
Okay.
Eh, finances in Ghana.
Eh, I will take me from adifferent angle.
I, I think in Ghana, ourspending habits is very unique.
Okay, I'll spend it.
Now.
This is very unique.
I've realized the same peoplewho complain about not having
(10:30):
money to save or invest added tospending habits are very
terrible.
I've read Ghanians spent morethan he makes.
The average Ghanian does notlive within his means.
(10:52):
The average Ghanian spend is hismoney, even before he makes it
so mostly people live on credit.
And so in 22 to 88, I did a Savi, not crowd, the capital of
Ghana.
(11:12):
So I went out to the Fridaynights just to witness how
people's money to know theirspending habits, spending habits
of these people.
So I went out to the Fridaynights, I went to some of the
busiest streets in Accra, and Iwas amazed how the SIPI who
(11:34):
complain about not having moneyto save or invest, eh, spend
huge amounts of money on funentertainment and unnecessary
stuff.
So I think our spending habitsis very unique.
We complain about not havingmoney, but we over spend money
(11:56):
and okay.
Oh no, I was just smilingbecause I'm thinking the exact
same thing as you.
I get it.
I, I know that you need aboutfinances in Ghana.
(12:16):
People give you financial adviceas sales people.
So these are people who workedfor financials, who worked for
investment houses.
These are the people givingfinancial advice.
And I think there is a conflictof interest.
(12:38):
So they don't give unbiasedfinancial education to the
people they end up selling tothese people.
So they don't see exactly whatthey need to see.
And it's a unique thing here inGhana.
Lots of financial advisors wehave in the system are suits
(12:59):
people.
And I also talk about digitaltransaction as, as why unique as
well.
So when you go on our behalf,this mobile money transfer, okay
.
Mostly we call it the transferand that telecommunication
networks had made it easy forpeople to save money and spend
(13:23):
money, even get a loan.
So people could, people keeptheir money on people to
transact using their cell phonesand people maybe request for
petty laws.
(13:44):
And I believe the positiveaspect of this operation is that
, uh, it helps people, it speedsup transaction so people can
transact anywhere.
Anytime my day is I know thataspect of this, eh, and Apple
was spending.
So if you are not disciplinedenough, you will spend your
(14:07):
money because you have easyaccess to your money on your
cell phone.
So tell me about finances.
Spending habits is very key.
And most of the financialadvisors we have in Ghana as
sales people and digitaltransaction is also taking a
(14:33):
differentiate in Ghana.
I mean, to some degree, it's,you know, I see some of the same
issues here as well.
And that that's, what'sinteresting is that, you know,
to some degree is, you know,it's, it is a common thing that
(14:55):
maybe we all think is unique.
Uh, you know, um, the money onthe phone in the U S has not
caught on yet, but I could seehow that's really would speed up
the spending because it's justso easy, um, to do so.
So, you know, the follow upquestion here is, you know, w
(15:17):
what do you feel are the commonfinancial issues for people all
over the world?
Um, what do we do?
Okay.
So I think it's lack offinancial awareness and
financial literacy and peoplewho go to school without lending
financial literacy and basicmoney principles.
(15:39):
So we have powerful, you havepowerful people,[inaudible]
people yet these people are notable to manage or plan finances.
They don't even understand thebasic ways opposed to personal
finance management.
And I think this is different.
(16:00):
This is a group I challenge.
So most people are not aware ofyour financial situations.
And even if they do, majorityare not financially literate or
educated enough to take chargeand make sound financial
decisions.
So I believe once we createmassive awareness on financial
(16:21):
literacy, once we incorporatefinancial literacy in our school
system, once we help peoplebecome a way of their financial
situation, I think we can fight,eh, the issue that we have with
(16:44):
finance it's, eh, I would sayJory of COVID-19 gene, uh,
simply because people did notplan ahead.
And we have communities who donot have, uh, food who do not
(17:06):
have money to buy things theywant, they need in the midst of
COVID-19 or because we are notfinancially aware.
And so I believe financial lackof financial awareness and lack
of financial literacy.
It's a global challenge that weneed to tackle.
(17:26):
We need to do it, and we need tofight it.
Yeah.
And I agree, I think it shouldbe a skill that's taught in
school and starting at an earlyage is that, um, you know, it,
it's something that's a skillthat everybody needs.
(17:47):
Um, and as you point out isreally coming clear, uh, as an
impact at COVID-19 that peopledon't have the money that they
can have, because getting backto what you said earlier, they
bought some fancy cars, we buynice clothes or whatever,
instead of putting some moneyaside for the future.
(18:07):
But, you know, part of it isjust, they're not aware.
Um, so, you know, I mean, I'mwith you a hundred percent on
all this.
Um, so, you know, I mean, yourwhole thing is, uh, you know, I,
I wanted to ask you, sorry, thatwasn't a great question.
What is the improving financialawareness and financial literacy
(18:32):
movement all about how, how areyou doing this?
How are you implementing thesethings that you want to work on?
Okay.
So, uh, after we started[inaudible], we wanted to help
ganja is mixed on financialdecisions.
And as we keep expanding, wewant to take you to Africa.
(18:56):
And so we were looking fororganizations that can help our
efforts back on hop offstrategies.
And we got in touch with thefinancial wellness foundation in
the us S executive director beenValentino.
So he came on board withmovement that has been champion
(19:23):
in the us.
So we also buy into his idea andwe started a movement here in
Ghana.
So we are the movement seek toimprove financial awareness and
financial literacy in Ghana inAfrica is to unite financial
literacy organizations,nonprofits, and so that they
(19:45):
would take a leadership role.
So we are United, we are Unitednonprofits.
And then we also bring inonboard government educational
institutions.
(20:06):
All of these people wouldchampion resources, their
efforts, including finance andfinancial literacy movements.
So currently, and we are tryingto please and universities every
(20:37):
high school in Africa, everyindividual in Africa, those how
to make sound finance and[inaudible],
Speaker 2 (20:51):
That's important.
And I think that's such a greatidea to, you know, that's
something I've noticed.
There's so many people doingfinancial education work that,
you know, we're not all movingin the same direction or with
one mind.
And it's, I think that's great.
Uh, you know, I want to do thatmyself has helped bring people
(21:13):
together and I know Valentinoand he does great work.
And, you know, so, um,
Speaker 3 (21:21):
I think we have you on board, you can join the
movement so that we do thistogether.
Oh yeah.
Speaker 2 (21:26):
Yeah, definitely.
I, you know, I mean, that'sexactly why, you know, I know I
connected with you is, you know,you know, the more people that
we're all moving together that,you know, one voice becomes
Manny Hill.
So that's fantastic.
So Peter, um, you know, to wrapup, uh, what's your number one
(21:48):
tip for people on beingfinancially prepared?
Speaker 3 (21:53):
Okay.
My number one tip for people tobecome financially prepare is to
decide, to become financiallyindependent.
Nice.
So you have to decide to becomefinancially independent.
I believe once anybody makesthis board decision to become
(22:14):
financially independent, theywill put all efforts.
Mindset is everything when itcomes to financial co-creation.
So without a positive mentalpicture of way, which when, how
(22:35):
to attain financialindependence, it will be
difficult for anyone to identify.
So I would say you have todecide, you have to make that
decision conscious andintentional efforts to attain
financial independence.
And once you do that, get allthe resources, read all the
(22:57):
books that you can and practice,whatever that you have.
And surely you will, you will,you will be ready for any
financial crisis that will hityou.
Speaker 2 (23:10):
Definitely.
I love that, you know, it's,that's, it's simple and
challenging.
Um, you know, it's clear whatyou have to do, but it's hard
for people to make that decisionand then to stick with it.
Uh, so I love it though.
You hit it.
(23:31):
Um, so, you know, I, I'm goingto post links course to the
center, um, on my website, butyou know, how can people learn
more about you and get in touchwith you?
Speaker 3 (23:41):
Okay.
So on, on our website center forfinancial literacy and kitchen
Africa, C F L E africa.org, whenyou go on our websites, you can
reach out to me and all mysocial media pages, LinkedIn
pizza, pizza[inaudible], and onInstagram and Twitter, Mr.
(24:07):
Underscore a savvy novel.
And I want to take thisopportunity to, uh, call on
people, to support our efforts,uh, sent out[inaudible] over the
years, we have self founded.
I initiated and with supportfrom some, some of our mentors
(24:30):
of our board and our friends.
You have been able to, uh,impart a whole lot of people in
Ghana, and we want to passeveryone in Ghana and in Africa.
And we are calling on everyoneto support this movements.
So you can support your time.
You can support you in yourresources, you can support your
(24:50):
money.
So if anyone wants to support,they can get in tagged by
emailing me or going on ourwebsites.
So my personal email address ispizza NACO[inaudible] gmail.com.
So once you get in touch, youcan contribute your time, your
(25:14):
resources, your knowledge, yourexpertise, and to get our econ
race communities or financiallytreats.
Yes, definitely.
That's great.
And, uh, for everybody listeningor watching this podcast, um,
you can view the original blogpost on my website, where I will
(25:35):
put up, um, all of the links toget in touch with Peter, for,
uh, the website, uh, Petersocial media handles and email
address.
So, uh, you know, visit the blogpost and I'll have all those, um
, for you.
Um, Peter, thank you for joiningus today.
It's been a pleasure.
(25:58):
Sure.
So thank you too.
I've really enjoyed it.
And thank you.
Oh yeah, you're welcome.
And we've learned a lot.
So, um, for everybody listening,this is a another episode of the
get ready podcast.
Um, please be sure to subscribeto the, get ready podcast on
your favorite podcast channeluntil next time.
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