SECP asks people to adopt ‘savings’ culture

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday asked the people to adopt savings as norm, besides highlighting the importance of investor education programs to help them make informed decisions. 

“My vision is to make a paradigm shift in Pakistani society from its current consumption to savings and investment mode as a culture and norm,” SECP Chairman Zafar Hijazi said. “This is only possible when the individual takes charge of his/her money matters to make informed investment decisions and the key to this is to embed investor education at all the levels.

Hijazi was speaking at an investor awareness seminar organised by the SECP for the students and employees of A.F. Ferguson & Company.

Khalida Habib, director at Investor Education and International Relations Department said the SECP’s commitment is to implement an agenda of improving the financial capabilities of investors and protecting them. 

“The support of industry in the SECP’s investor education program will indeed go a long way to develop financial literacy among the people,” Habib said. 

Fida Hussain Samoo, commissioner for insurance at SECP termed the program as a source of spreading knowledge about the financial sector. 

Syed Haider Abbas, partner at A.F. Ferguson & Co, said such awareness sessions were fruitful in achieving the goals of spreading investor education.

Speakers told the audience of necessary steps for successful financial plans. They talked about the importance and macro plus micro structure of capital markets, mutual funds, incorporation procedures, fundamentals of insurance, and benefits and associated procedures for approaching insurance companies.