Head of Financial Consumer Protection Section at the CBL, Moroke Moroke, made these remarks on Monday this week, addressing civil servants drawn from various government ministries at a one-day Financial Literacy Sensitisation workshop in Mafeteng.

He advised the public workers to develop a culture of saving and investing in things that can keep generating income for their families.

Moroke further warned them to refrain from sharing their already skimpy incomes with their grown children who are old enough to take care of themselves.

“Most civil servants are in deep financial debts as they do not have the right information on how to manage their finances, hence, they incessantly borrow from financial institutions like local banks, micro finances, and loan sharks,” he said, adding that they are therefore forced to live from hand to mouth.

Analyst for Non-banks at the CBL, Molise Sethobane highlighted the importance of public workers properly managing their funds while at the same time preparing for their retirement.
The CBL, he said, is prepared to provide Basotho with information that will enable them to avoid making unnecessary debts.

“It is important to save before retirement because there is still life after phase, which requires finances,” Sethobane said, urging the workers to spend money on essential things and not entertainment.
Lerato Poosa from the Ministry of Education and Training who is due for retirement soon, said she fully comprehends how difficult life can be living with heavy debts.