By: Nghiinomenwa Erastus
Financial literacy is beyond saving, debit, and credit rules, while saving is not an investment.
According to Simonis Storm’ head of wealth, Garth Petersen, the country residents lack basics in handling their financial resources.
In a released statement, Petersen said, “many Namibians lack financial literacy”.
He explained that the status quo is such a shame, considering the missed opportunities for the country’s collective economic development aspiration.
Petersen highlighted that financial literacy is directly tied to one’s ability to make cost-effective decisions.
He said to make a financially sound decision at an individual and business level; one needs to know which levers to pull and where to spend to ensure expenditure translates back into revenue.
“You need to understand what’s happening with your finances,” Petersen said.
With their initiative to make more straightforward financial solutions, they are eager to share their knowledge and adapt their services and offerings to different generations.
Petersen added that they are firmly rooted in creating inter-generational wealth and are committed to simplifying complex financial services offerings.
Bruce Hansen, the managing director of Simonis Storm, explained that the impact of Covid-19 has highlighted the need for robust estate planning.
To ensure financial security is maintained in the event of an unforeseen change of circumstance.
Additionally, Hansen said there is a need for businesses and individuals to have capital at their disposal as an essential for sustainability.
He stated that commitment to support business entities and individuals in maintaining their financial goals is required.
The lack of financial and investment literacy has been highlighted during the debate on how individuals can utilise their pension funds before they retire. The mayor of Windhoek initiated this conversation that led to many questioning their pension holders and the laws that guide them.
Moreover, The Villager has been receiving various queries on shares/equities on how they work and how one can derive value- with those inquiring highlighting the gap in investment literacy.
In their quest to fulfil their financial and investment advisory role, Simonis Storm has appointed Garth Petersen as head of wealth and Heiko Prior as head of Securities this year.
Petersen has been working with asset managers, medical aid schemes, unit trust funds, pension funds, and global custodian banks in the financial and capital markets space.
While Prior has been the financial and audit manager for numerous local and international financial institutions.
The company is a 100% Namibian-owned and managed company offering financial services to a clientele wishing to build financial resilience. Email: firstname.lastname@example.org