'Reliable financial information more important now than ever'

Speakers while addressing a seminar on "Financial Literacy: Promoting understanding of financial markets" said that reliable financial information is more important in the present days than ever as people continue to experience hardships and are forced to make difficult economic decisions under the Strain of the recession.
The seminar, which was aimed at targeting the media representatives to equip them with better knowledge and understanding of the basic concepts and terminology used in the financial markets, was organised here on Tuesday by the South Asian Federation of Exchanges (SAFE) and Friedrich-Naumann-Stiftung fur die Freiheit (FNF).
The Lahore Stock Exchange Managing Director Aftab Ahmad Chaudhry delivered the welcome address while Olaf Kellerhoff, Resident Representative Friedrich Naumann Stiftung; Ahmad Hassan Shah, Senior Partner Hassan Kaunain and Nafees, Legal Practitioner and Advisers; Ayla Majid, Director Business Advisory Service Khalid Majid Rahman Chartered Accountants; lmran lnayat Butt, Director SECP also spoke on the occasion.
The speakers said that it is extremely significant to improve the level of financial understanding of the providers of this financial information to endure that proper analysis and factual news and information reaches the masses. They emphasised that the basic financial knowledge, though essential for everyone, is even more important for the media men who highlight information among the masses.
The financial literacy is the process by which financial consumers/investors improve their understanding of financial products and concepts and through information, instruction and objective advice, develop the skills and confidence to become aware of (financial) risks to take informed choices, they said. They further said that in the aftermath of the financial crisis, financial literacy and education issues have acquired a momentum.
They said the policy makers world-wide now increasingly acknowledge the importance of financial literacy both as a life skill and as a key component of financial and economic stability and development. Acknowledging the importance of better financial education and literacy for improving the ability of people to use financial services, a comprehensive and high-level project on financial literacy should be developed.