The MOST Startup Media podcast dedicated its latest podcast to the important topic of finance and investment. Andrey Chebotarev, Eldar Tolesh, Kunekey Nurlan and Alpys Alpamys discussed a pressing issue for Kazakhstani society - financial literacy and its impact.
Why do people still invest in financial pyramids? Concerns about investments, stocks and securities due to people's illiteracy? What steps should you take to start your path to financial independence? What areas of investment are the most promising? These and other questions were covered in the podcast, where expert opinion is combined with practical advice.
Guests, together with MOST CEO Mirat Akhmetsadykov, named 3 main signs of financial illiteracy:
- “I want it here and now”
Kunekey Nurlan believes that the lack of strategic thinking affects financial literacy: “I want to earn money now for a Prado, for an apartment, for a wedding”
There are very common cases when people deliberately run first through financial pyramids. “They know what it is and they go on principle to get the first cream,” says Kunekey.
However, such an approach often results in the loss of large sums and long-term financial instability. As Nurlan emphasizes, the desire for instant success without strategic planning of financial resources can lead to serious consequences. Instead of short-term gains, it is worth paying attention to the formation of a sustainable financial future based on conscious investments and financial literacy.
- “Soviet” thinking
“We all really come from the Soviet Union, and this leaves a deep mark on our memories. As children, we played with beautiful pieces of paper that we used as money in games with friends. Later I realized that these pieces of paper were Soviet Union domestic loan bonds — securities, payments on which were often delayed or not made on time. We developed a habit of not trusting shares,” says Andrey Chebotarev.
These memories have formed in us an entire generation of rejection of finance and investments, which must be fought now.
- No one is engaged in the financial education of their future client
“First of all, we trust our friends, brother, matchmaker and all relatives, even neighbors above financial institutions. Do we have enough information in principle, do we have enough players who can catch these people like a sieve and give them competent advice?” asks Mirat Akhmetsadykov.
Many people prefer to rely on personal connections and recommendations, rather than on professional advice and services of financial institutions. Lack of trust in financial organizations and the absence of systematic financial education create significant barriers to the development of a healthy financial culture in society. Financial literacy is still not taught in schools.
Watch the full video on our YouTube.