State Mortgage and Investment Bank to boost financial literacy

Thursday, 5 March 2020 03:09 - - {{hitsCtrl.values.hits}}

By Shailendree Wickrama Adittiya

The State Mortgage and Investment Bank (SMIB) has launched a new initiative to boost financial literacy in the country.

The SMIB said the project, which will focus on improving the nation’s financial literacy through a series of awareness programs targeting schools, the media and the general public.

State Mortgage and Investment Bank Chaiaman Dr. Udaya Sri Kariyawasam

Addressing the media, SMIB Chairman Dr. Udaya Sri Kariyawasam said: “Under the national policy framework ‘Vistas of Prosperity and Splendour’, we have a separate program where we say this is the way in which the economy will function over the next five years, and during this time, as the public, if you want to gain something, this is the knowledge you need.”

He added that Sri Lanka’s literacy rate was 92%, computer literacy was 27.5% and financial literacy was only 35%.

“One of the big problems people in this country face is how they will live after retirement. What do we do when we get our hands on a large amount of cash like the Provident Fund? What are the State investments?” he said, explaining that the program would educate people on various financial strategies.

Development Banking and Loan Schemes State Minister Shehan Semasinghe called the initiative a timely measure which targeted everyone, especially those in rural areas.

“Especially with the loss of the contribution made to the economy through agriculture as well as other sectors, the cash flow among the public remained at a low level. The overall economic decline also negatively affected people from top to bottom,” he said.