Maseru, Aug. 09 — The Central Bank of Lesotho (CBL) has urged people to learn to manage their finances especially during this time of recession, this it said during the closure of the campaign of the money month.
The CBL Governor, Dr. Maluke Letete said it is important for people to handle their finances in a responsible way, he added that lacking financial literacy can be very damaging to an individual’s long-term financial success.
He said being financially illiterate can lead to a number of pitfalls, such as being more likely to accumulate unsustainable debt burdens, either through poor spending decisions or a lack of long-term preparation.
This, in turn, can lead to poor credit, bankruptcy, housing foreclosure and other negative consequences.
