Africa-Press – Namibia. INVESTMENT firm Simonis Storm Securities says financial illiteracy in Namibia is shameful, and needs to change to ensure that people make sound financial decisions. The newly appointed head of wealth management, Garth Petersen, says average Namibians need to understand what is happening to their finances.
“Many Namibians lack financial literacy. This is such a shame, considering the missed opportunities for our collective economic development. Financial literacy is directly tied to your ability to make cost-effective decisions. You need to know which levers to pull, and where to spend to get your costs to translate back into revenue – especially in business,” he says.
Petersen’s stance is supported by Heiko Prior, Simonis’ head of securities, who joined the company in April this year. Prior says Simonis Storm is uniquely positioned to make a positive and impactful change in the economic landscape of the country.
“The impact of Covid-19 has highlighted the need for robust estate planning, ensuring financial security is maintained in the event of an unforeseen change of circumstance,” he says.
Earlier this month The Namibian reported that the glaring financial exclusion and poor buying power among middle- to low-income groups are some of the reasons Namibians are failing to participate in financial markets or to seize opportunities they present.
Simonis specialises in securities trading, money markets, capital and debt raising, portfolio management, risk management, treasury services, due diligence, deal facilitation, and company valuations.
