“Most of our problems are based on finances. Money is always an issue. I have to still provide for both my parents who are not working and make sure they are fed; I must pay their insurance policies because they no longer have the ability to pay them. I don’t earn enough money to afford all of that.” - A 35-year-old man from Lesotho, interviewed as part of the UNCDF Making Access Possible initiative
Have you ever tested your financial literacy? Read what follows and you’ll get a better sense of why this matters more than you may have thought.
Low-income consumers must make complex financial decisions even more frequently than middle or high-income consumers, given their smaller operating margins and their limited and irregular incomes. A forthcoming report by UNCDF on Lesotho and Swaziland shows that many workers forfeit up to 40% of their income because of burdensome loan repayments. Indebtedness in the informal consumer market is often an indicator not only of poverty, but also limited financial literacy.
Yet these problems are not limited to poor consumers or...READ MORE AT OECDINSIGHTS.ORG
Originally published on oecdinsights.org