How does financial management relate to Botswana

By Kesegofetse Sentsima

One can wonder how does personal financial management relate to Botswana. First and foremost, we are living in a where the form of trade is in  monetary terms. People use the for money for meeting their basic needs, paying services and so on and so forth. Therefor,if money is such an important part of our lives, then like any other valuable resource, it should be used wisely.

Botswana is still a developing country; it scored 62% in the open budget index 2008,falling in the category of providing significant information the central government budget and financial activities. It was also rated 16 out of 85 countries. Even though that is the case,the average Motswana requires good financial knowledge,in order to benefit most from their source of income. Personal financial management is an important part of contemporary society considering the lavish lifestyles encouraged y the media and advertising.,increase in fraud and skepticism towards ones financial security and other factors that affects ones personal finances. The overall cost of personal financial illiteracy to our society is huge.