SL’s financial literacy rate low at 35 %
Although Sri Lanka’s literacy rate is over 90 per cent, its financial literacy is at a low 35 per cent compared to 65 per cent in the developed world.
These facts emerged when Asia Securities, a leading investment firm in Sri Lanka, launched Dhana Maga – a trilingual financial literacy programme aimed at helping Sri Lankans take control of their financial future.
Dhana Maga, the first of its kind online portal and mobile application was officially launched on February 21 at the Taj Samudra Hotel in Colombo. Meanwhile the Dhana Maga Website and a Mobile App demonstration too were launched.
Asia Securities Chairman Dumith Fernando said prosperity comes in the form of growing income and growing wealth of ‘our’ people. “We thought of several things when we created Dhana Maga, a programme created in simple languages for everyone to understand it. But when it came to protecting the wealth and incomes of our people they had little knowledge or education. We decided to add financial literacy to our Dhana Maga programme, a solution created by us for everyone to understand it and become prosperous. Financial players are known for their acronyms and jargons that alienate people and we wanted to move away from it. We wanted Dhana Maga to appeal to every citizen and to be accessible to the programme. We at Asia Securities talk to business owners and individual investors every day. Therefore, we understand first-hand how crucial financial skills are to enable people to actively participate in the economy and secure their personal financial future. Our Financial Literacy initiative, DhanaMaga, empowers Sri Lankans, from all walks of life, with the right resources to help finance a small business without putting themselves at too much risk or managing their money wisely by planning and investing for their families’ future needs. We are delighted to spearhead this initiative to build a strong foundation that will support the goal of the prosperity of all citizens of our beloved nation,” he added.
The aim of this initiative by Asia Securities is to provide answers to all Sri Lankans on their money-related questions—from understanding how to finance small businesses and building personal financial plans, to understanding company financial statements and choosing suitable investment options.
Dhana Maga offers 100+ easy-to-follow, engaging videos available in Sinhala, Tamil and English languages that are suitable for any age, skill level, and stage of life. The videos can be viewed completely free by downloading the mobile application. The self-directed videos also allow visitors to learn at their own pace, at anytime, anywhere. The video content had been reviewed for suitability and accuracy by an independent Dhana Maga Curriculum Committee comprising key local experts with over 70+ years’ experience in financial regulation and education.
Chief Guest, Viraj Dayaratne PC, Chairman – Securities and Exchange Commission, speaking at the launch, said: “It is commendable that Asia Securities had the foresight and understanding to introduce a trilingual program to provide all Sri Lankans the knowledge to have an equal opportunity when it comes to investments and managing their finances”. He said he appreciated Asia Securities effort to improve financial literacy.
Commenting on the signing of the MoU, Shevanthi Jayasuriya, Country Director at Room To Read said, “We are proud to have partnered with Asia Securities since together we have been able to not only set up the Dhana Maga platform but also lay the foundation for even more projects that will help benefit the youth and ultimately the nation as well. We look forward to working with them on this project and many more in the future.”
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