Addressing a financial literacy conference here organised by Mwalimu Commercial Bank Plc at the weekend, the minister said the common mistake people make that teachers should avoid is spending first then saving what remains.
Unfortunately, she went on, the needs and wants are limited compared to resources which are scarce; hence many fail to make any meaningful savings.
“I wound not like to see teachers getting into financial woes because of lack of financial literacy; continue with sensitization among teachers so that they deal only with banking procedures but not lack of information,” she said.
The minister added: “Because wants are unlimited, be consistent in your monthly savings from your salary, ensure that the amount goes to bank be be it 10,000 or 30,000; just bank it.”
Prof Ndalichako who is herself a trained teacher with Ph.D. in educational psychology challenged her fellow educators to embrace the teachers’ bank as its success depend on the high number of active account holders.
“Mwalimu Commercial Bank is our bank; as a shareholder, I take this opportunity to appeal to you to use this bank,” she said.
For his part, the bank’s Chief Executive Officer Richard Makungwa said the institution which has three years since it opened its doors is on a countrywide drive to sensitize teachers to use it.
“It’s my hope that this bank is poised to be very successful considering the big number of teachers in the country. I appeal to you to use your bank for all your financial needs because that is why the bank was established in the first place,” he appealed.
The conference which took place at Serengeti Hall brought together teachers from all districts in Kigoma region with the objective of sensitizing the educators on financial literacy and encouraging them to bank with the institution.