"You have to decide to make a conscious and intentional effort to obtain financial independence and once you do that, get all the resources that you can and you will be ready for any financial crisis." - Peter Kwadwo Asare Nyarko.
In this episode of GET READY!, I spoke with Peter Kwadwo Asare Nyarko, the Executive Director of the Center for Financial Literacy Education (Africa) about financial literacy for children. We also discussed trends in financial literacy education along with what’s unique about finance in Ghana and what are common financial issues across the globe.
Bio: Peter Kwadwo Asare Nyarko is a Social Entrepreneur, Author, Founder and Executive Director of Center for Financial Literacy Education Africa. He is a Financial Literacy Advocate and Educator. Peter is the Lead Ambassador for The Financial Awareness Foundation in Ghana. Peter and his team are championing “The Improving Financial Awareness and Financial Literacy Movement in Ghana and Africa.”
"You have to decide to make a conscious and intentional effort to obtain financial independence and once you do that, get all the resources that you can and you will be ready for any financial crisis." - Peter Kwadwo Asare Nyarko.
In this episode of GET READY!, I spoke with Peter Kwadwo Asare Nyarko, the Executive Director of the Center for Financial Literacy Education (Africa) about financial literacy for children. We also discussed trends in financial literacy education along with what’s unique about finance in Ghana and what are common financial issues across the globe.
Bio: Peter Kwadwo Asare Nyarko is a Social Entrepreneur, Author, Founder and Executive Director of Center for Financial Literacy Education Africa. He is a Financial Literacy Advocate and Educator. Peter is the Lead Ambassador for The Financial Awareness Foundation in Ghana. Peter and his team are championing “The Improving Financial Awareness and Financial Literacy Movement in Ghana and Africa.”
Welcome
Speaker 2:The get ready with Tony Stewart podcast today. I'm pleased to be joined by Peter quad. Well, uh, sorry. Nyarko good morning, Peter. How are you? Hi, Tanya. Good morning. I'm doing good. Good, good. Uh, Peter is joining us all the way from Ghana in Africa. So, um, welcome. Thank you. I'm I'm I'm happy to be here. I'm happy to join you do this. So the Aztec, so, um, in today's episode, we'll be discussing, uh, global financial literacy, especially how it impacts children. Um, uh, I'll tell you a little bit about Peter. Uh, Peter is a social entrepreneur, author, founder, and executive director of the center for financial literacy education Africa. Uh, Peter is a financial literacy advocate and educator. Uh, additionally Peter is a lead ambassador for the financial awareness foundation in Ghana. Uh, Peter and his team are championing the improving financial awareness and financial literacy movement in Ghana and Africa sounds like a lot. Um, so Peter, can you tell us, uh, you know, a little bit more about what you do? I know I covered some of it in the bio, so thank you, Tony[inaudible] and[inaudible], so I've dedicated my life to a mission of empowering equipping, educating and coaching my generation to help them build and achieve financial success. So I advocate for financial awareness. I advocate for financial literacy and financially literate society is necessary to survive the global crisis. And so I, I, I am more into financial awareness and financial literacy, and I'm trying to create massive awareness on, on financial literacy in Ghana and in Africa. Yeah, well, that's a worldwide issue is, uh, financial awareness. I think, uh, you know, we can all share that, that people just are not aware of what to do with their money and, uh, how to think about it or are comfortable with it. So, um, you know, it's an interesting field and definitely a lot of work to do so, Peter, you know, each of us has a unique story about how we become interested in financial literacy. Um, why did you decide to a financial
Speaker 3:Literacy advocate? Okay, thank you, Tony. I would say two things informed my decision to become a financial literacy advocates. So one has to do with how I've been witness head, and a lot of individuals and families who said mid-March at a point in time and later lost or spend it all due to their financial access in actions and decisions. So we'll see growing up, I saw a lot of successful people drew all the nice who or the nice fastener para. And later in their old age, they struggle with money because they couldn't, they couldn't build that strong financial foundation and that decision didn't position them at that level. So I, I, Y you walk through our communities, you see a lot of poor people, a lot of miserable people, a lot of people who are struggling just because they made a decision, or they took a decision that they know Google with their financial foundation. So I dare to, to be the change I wanted to see in the world. I started to take the message of sound financial planning to the people so that they can build a strong foundation and prepare for the future. And second, the second decision that, eh, eh, that boost of boost step to become financially advocates is it's a story of my granddad who was very successful with money. He made all the money, but his financial access and inaccuracies had a huge impact on his life. In his old age. Eh, he made all the money, but he couldn't land very well. It couldn't prepare very well. It couldn't build any financial legacy. And after witnessing his frustration after, uh, getting close to him and he's sharing his story with me, I thought it wise, I Allie, to take this message to the people I need to, eh, educate people. I need to talk to people about this so that they can prepare for the future, because at that point in time, money will come into your hand. But once you are not able to prepare well for the future, eh, you are willing to put yourself in a serious financial, hot water, and I don't want this to happen to my generation. So I started to be the change and talk to people about financial literacy and create that massive financial wellness. So stories of people that I saw, people that I had experience with, and my granddad's story also solidify my decision to become a financial planner. Fantastic. Well, you hit on so many good points. Well, one, I love the quote, be the change you want to see. Um, and you talked about the foundation, um, building a sound foundation. I think people oftentimes miss that, that you do have to start at the beginning and do that hard work of laying out a plan. And then of course, the story about your grandfather. I think we all have that, um, or know people, you know, have the fancy clothes and the cars and money just, you know, no matter how much they make, they tend to spend as much or more. Um, so, you know, that's great. And I can see why that drew you. I mean, same things drew me in to financial literacy as well. Um, yeah. So, you know, um, can you tell us a little bit about, uh, what the center, uh, for financial literacy education Africa is? Okay.[inaudible] is a nonprofit organization in Ghana and we focused on improving financial wellness and financial literacy. So we are raising a community of financial literacy. So most Ghanians and Africans don't have robot twos to, to, to address everyday money decisions and[inaudible] financial and physical wellness[inaudible] and family dreams let alone Andrei debt free life. So it is Bridget, a huge amount of pressure on them, families and the government. So we thought, why wouldn't it be great if there's a resolution to this lack of financial illiteracy epidemic? So we are the center for financial education Africa. We strongly believe there is, and it revolves around better educating and helping them make sound financial education. So set up a financial literacy education Africa, it's creating massive awareness of financial literacy. Educating people can make sound financial disease plan for the future and also help other people. So basically set up a financial literacy education is reading communities because you come to our part of the world, Africa, you see a lot of poor people, a lot of miserable people, and we want to help shape that. You want to hop, eradicate poverty in, in, in, in, in Ghana and Africa.
Speaker 2:Yeah. That's, that's important work. And, you know, I know that the economic conditions are, uh, can be challenging. You know, I mean, not, not from firsthand knowledge of course, but you know, what would you hear about Africa? So I, I think that's just great that you're doing, uh, that kind of work. And I, I think you hit on the most important point and that's about knowledge and making a plan is, you know, again, that gets back to the foundation it's education,
Speaker 3:Uh, you know,
Speaker 2:That's, that's where it all starts get out, learn something, uh, you know, and what you're doing is teach, uh, which is the other part of the equation. Um, so I think you talked about it a little bit. Um, can you elaborate a little bit more about, what's unique about, um, finances in Ghana and Africa then, uh, the U S or other parts of the world.
Speaker 3:Okay. Eh, finances in Ghana. Eh, I will take me from a different angle. I, I think in Ghana, our spending habits is very unique. Okay, I'll spend it. Now. This is very unique. I've realized the same people who complain about not having money to save or invest added to spending habits are very terrible. I've read Ghanians spent more than he makes. The average Ghanian does not live within his means. The average Ghanian spend is his money, even before he makes it so mostly people live on credit. And so in 22 to 88, I did a Savi, not crowd, the capital of Ghana. So I went out to the Friday nights just to witness how people's money to know their spending habits, spending habits of these people. So I went out to the Friday nights, I went to some of the busiest streets in Accra, and I was amazed how the SIPI who complain about not having money to save or invest, eh, spend huge amounts of money on fun entertainment and unnecessary stuff. So I think our spending habits is very unique. We complain about not having money, but we over spend money and okay. Oh no, I was just smiling because I'm thinking the exact same thing as you. I get it. I, I know that you need about finances in Ghana. People give you financial advice as sales people. So these are people who worked for financials, who worked for investment houses. These are the people giving financial advice. And I think there is a conflict of interest. So they don't give unbiased financial education to the people they end up selling to these people. So they don't see exactly what they need to see. And it's a unique thing here in Ghana. Lots of financial advisors we have in the system are suits people. And I also talk about digital transaction as, as why unique as well. So when you go on our behalf, this mobile money transfer, okay. Mostly we call it the transfer and that telecommunication networks had made it easy for people to save money and spend money, even get a loan. So people could, people keep their money on people to transact using their cell phones and people maybe request for petty laws. And I believe the positive aspect of this operation is that, uh, it helps people, it speeds up transaction so people can transact anywhere. Anytime my day is I know that aspect of this, eh, and Apple was spending. So if you are not disciplined enough, you will spend your money because you have easy access to your money on your cell phone. So tell me about finances. Spending habits is very key. And most of the financial advisors we have in Ghana as sales people and digital transaction is also taking a differentiate in Ghana. I mean, to some degree, it's, you know, I see some of the same issues here as well. And that that's, what's interesting is that, you know, to some degree is, you know, it's, it is a common thing that maybe we all think is unique. Uh, you know, um, the money on the phone in the U S has not caught on yet, but I could see how that's really would speed up the spending because it's just so easy, um, to do so. So, you know, the follow up question here is, you know, w what do you feel are the common financial issues for people all over the world? Um, what do we do? Okay. So I think it's lack of financial awareness and financial literacy and people who go to school without lending financial literacy and basic money principles. So we have powerful, you have powerful people,[inaudible] people yet these people are not able to manage or plan finances. They don't even understand the basic ways opposed to personal finance management. And I think this is different. This is a group I challenge. So most people are not aware of your financial situations. And even if they do, majority are not financially literate or educated enough to take charge and make sound financial decisions. So I believe once we create massive awareness on financial literacy, once we incorporate financial literacy in our school system, once we help people become a way of their financial situation, I think we can fight, eh, the issue that we have with finance it's, eh, I would say Jory of COVID-19 gene, uh, simply because people did not plan ahead. And we have communities who do not have, uh, food who do not have money to buy things they want, they need in the midst of COVID-19 or because we are not financially aware. And so I believe financial lack of financial awareness and lack of financial literacy. It's a global challenge that we need to tackle. We need to do it, and we need to fight it. Yeah. And I agree, I think it should be a skill that's taught in school and starting at an early age is that, um, you know, it, it's something that's a skill that everybody needs. Um, and as you point out is really coming clear, uh, as an impact at COVID-19 that people don't have the money that they can have, because getting back to what you said earlier, they bought some fancy cars, we buy nice clothes or whatever, instead of putting some money aside for the future. But, you know, part of it is just, they're not aware. Um, so, you know, I mean, I'm with you a hundred percent on all this. Um, so, you know, I mean, your whole thing is, uh, you know, I, I wanted to ask you, sorry, that wasn't a great question. What is the improving financial awareness and financial literacy movement all about how, how are you doing this? How are you implementing these things that you want to work on? Okay. So, uh, after we started[inaudible], we wanted to help ganja is mixed on financial decisions. And as we keep expanding, we want to take you to Africa. And so we were looking for organizations that can help our efforts back on hop off strategies. And we got in touch with the financial wellness foundation in the us S executive director been Valentino. So he came on board with movement that has been champion in the us. So we also buy into his idea and we started a movement here in Ghana. So we are the movement seek to improve financial awareness and financial literacy in Ghana in Africa is to unite financial literacy organizations, nonprofits, and so that they would take a leadership role. So we are United, we are United nonprofits. And then we also bring in onboard government educational institutions. All of these people would champion resources, their efforts, including finance and financial literacy movements. So currently, and we are trying to please and universities every high school in Africa, every individual in Africa, those how to make sound finance and[inaudible],
Speaker 2:That's important. And I think that's such a great idea to, you know, that's something I've noticed. There's so many people doing financial education work that, you know, we're not all moving in the same direction or with one mind. And it's, I think that's great. Uh, you know, I want to do that myself has helped bring people together and I know Valentino and he does great work. And, you know, so, um,
Speaker 3:I think we have you on board, you can join the movement so that we do this together. Oh yeah.
Speaker 2:Yeah, definitely. I, you know, I mean, that's exactly why, you know, I know I connected with you is, you know, you know, the more people that we're all moving together that, you know, one voice becomes Manny Hill. So that's fantastic. So Peter, um, you know, to wrap up, uh, what's your number one tip for people on being financially prepared?
Speaker 3:Okay. My number one tip for people to become financially prepare is to decide, to become financially independent. Nice. So you have to decide to become financially independent. I believe once anybody makes this board decision to become financially independent, they will put all efforts. Mindset is everything when it comes to financial co-creation. So without a positive mental picture of way, which when, how to attain financial independence, it will be difficult for anyone to identify. So I would say you have to decide, you have to make that decision conscious and intentional efforts to attain financial independence. And once you do that, get all the resources, read all the books that you can and practice, whatever that you have. And surely you will, you will, you will be ready for any financial crisis that will hit you.
Speaker 2:Definitely. I love that, you know, it's, that's, it's simple and challenging. Um, you know, it's clear what you have to do, but it's hard for people to make that decision and then to stick with it. Uh, so I love it though. You hit it. Um, so, you know, I, I'm going to post links course to the center, um, on my website, but you know, how can people learn more about you and get in touch with you?
Speaker 3:Okay. So on, on our website center for financial literacy and kitchen Africa, C F L E africa.org, when you go on our websites, you can reach out to me and all my social media pages, LinkedIn pizza, pizza[inaudible], and on Instagram and Twitter, Mr. Underscore a savvy novel. And I want to take this opportunity to, uh, call on people, to support our efforts, uh, sent out[inaudible] over the years, we have self founded. I initiated and with support from some, some of our mentors of our board and our friends. You have been able to, uh, impart a whole lot of people in Ghana, and we want to pass everyone in Ghana and in Africa. And we are calling on everyone to support this movements. So you can support your time. You can support you in your resources, you can support your money. So if anyone wants to support, they can get in tagged by emailing me or going on our websites. So my personal email address is pizza NACO[inaudible] gmail.com. So once you get in touch, you can contribute your time, your resources, your knowledge, your expertise, and to get our econ race communities or financially treats. Yes, definitely. That's great. And, uh, for everybody listening or watching this podcast, um, you can view the original blog post on my website, where I will put up, um, all of the links to get in touch with Peter, for, uh, the website, uh, Peter social media handles and email address. So, uh, you know, visit the blog post and I'll have all those, um, for you. Um, Peter, thank you for joining us today. It's been a pleasure. Sure. So thank you too. I've really enjoyed it. And thank you. Oh yeah, you're welcome. And we've learned a lot. So, um, for everybody listening, this is a another episode of the get ready podcast. Um, please be sure to subscribe to the, get ready podcast on your favorite podcast channel until next time.