CSE CEO Rajeeva Bandaranaike, SEC Director General Chinthaka Mendis, CSE Chairman Dilshan Wirasekera, CBSL Deputy Governor, K M A Daulagala, Author of Financial Literacy Publication and CFA Society SL Director, Ravi Abeysuriya, CFA, CFA Society SL VP, Aruna Perera, CFA, CFA Society SL Director, Rasanja Perera, CFA and CFA Society SL CEO, Aruna Alwis.
“Capital market content from next year onwards will be a part of the school curriculum beginning from grade 6,” said Director General, Securities and Exchange Commission (SEC), Chinthaka Mendis.
He opined this at the Chartered Financial Analyst (CFA) Society Sri Lanka joined the Colombo Stock Exchange (CSE) to ring the bell for Financial Literacy and to launch the publication on Financial Literacy authored by Director of CFA Society Sri Lanka, Ravi Abeysuriya.
“It has been included in the Entrepreneurship and Financial Literacy subjects, which could be considered a major step forward when educating our future generations.”
Mendis emphasized that relatively low financial literacy in the country has adversely impacted the economy. Thus, it is necessary to put more effort in improving financial literacy in the country. Mendis also revealed that, as a step forward to introduce new products to the market, they would allow local companies to raise capital funds in foreign currencies.
Considering the need of the hour to improve financial literacy among Sri Lankans, CFA Society Sri Lanka has forged a partnership with CSE to increase the level of financial literacy through many initiatives, including the bell-ringing ceremony, and the book launch.
CSE Chairman Dilshan Wirasekera said that though Sri Lanka has a long tradition of having a high literacy rate of over 92%, financial literacy is lower at 58%, an issue that needs to be addressed carefully. The country’s investments should be channeled to the sectors of the economy which really need it.
Investors need to be aware of the products and services that capital markets and financial markets offer, and CSE is very happy to champion this initiative along with the SEC, IFC, CBSL, CFA Society Sri Lanka to further discourse,” he said. CFA Society Sri Lanka Vice President, Aruna Perera, also emphasized the fact that personal financial management is important for everyone as an individual, a family, a corporate, society, etc.
CBSL Deputy Governor, K. M. A. N. Daulagala, presented the projects carried out by the CBSL over a long period of time to create awareness on financial education. She also mentioned that more than half of the Sri Lankans showed a positive attitude towards the safety and efficiency of digital payment methods. Author Abeysuriya, highlighted the fact that being financially literate clearly benefits individuals, households, corporate and the country since better-informed decisions will be made by everyone.
“Prioritize the needs more efficiently, increase capital productivity and borrow money with a clear understanding that the borrowed funds must generate enough income to pay the interest and repay the borrowed money even under a stressed scenario.”
He also made a request to all the companies to improve financial literacy of the adult populations in Sri Lanka as a part of their CSR projects.