Business
Financial literacy among undergraduates – research findings of concern
Sri Lanka has shown a high literacy rate of about 92% compared to other south Asian countries, and is on par with other developed countries. However, there is a noted dearth of surveys and studies that assesses the financial literacy level in the Sri Lankan context. It is observed that people with low levels of financial literacy suffer from that lack of knowledge at every stage of their lives and studies also assert that people with a high degree of financial literacy are more likely to plan for retirement, and that people who plan for retirement have more than doubled the wealth of people who don’t. On the other hand, the quite alarming fact noted is that even some educated professionals had fallen prey to financial scams in Sri Lanka, questioning the financial literacy of such intellectuals.
Thus, a study was carried out involving the undergraduates in the Sri Lankan state universities (due to being one of the major sources of future leaders) to find the level of financial literacy and how different specializations impact financial literacy levels. In the research conducted by the authors, the undergraduates were tested on their fundamental financial knowledge on dimensions of general finance, saving & borrowings (i.e., banking products), insurance and investment, and nearly 653 students from the five main state universities in ten main disciplines (business and non-business disciplines) were selected, where the data was collected over a period of 1 1/2 years. Undergraduates of the business discipline included undergraduates from accountancy and business management and non-business discipline included undergraduates from the fields of engineering, physical sciences, humanities and social sciences and information technology.
The findings indicate that the overall financial literacy level was on average 69.58% out of 100% of undergraduates in the business discipline. In terms of the sub-dimensions of financial literacy, these undergraduates scored the highest of 74.51% in the savings and borrowing sub-category, while they scored the lowest of 59.08% in the investment sub-dimension. When compared with the general literacy rate of 92% of this country, the findings of this study indicate that their overall average is quite low as well as knowledge in the investment sub-dimension is even lower.
The alarming finding is related to the undergraduates coming from the non-business majors, where the average financial literacy level was only 42.83% out of 100%, which is even lower than 50%. This we see as a major concern. Their knowledge in the investment related sub-dimension was just 28.16% out of 100%.
When considering these findings of the research conducted by the authors, it is clear that the undergraduates coming from the business management discipline had a better knowledge than students from non-business management disciplines. Although the students coming from the non-business disciplines may be conversant in their own areas of study, they were lacking an awareness in fundamental financial aspects that any citizen should possess to continue normal day-to-day life.
The authors observe that there is a systematic deficiency of personal finance education in our local education system. Introduction of subjects related to financial literacy for all students (regardless their discipline) in their formative stages as well as introducing course components related to accounting and finance in the curricula of non-business majors at universities (and other tertiary institutions) could be suggested to remedy this dire situation.
Authors– S.S. Edirisinghe (surathse1978@gmail.com) and S.S. Samarakkody,
Senior Lecturer,
Department of Accounting, Sri Lanka Institute of Advanced Technological Education, Sri Lanka,
Senior Prof. DBPH Dissa Bandara and Dr. AR Ajward,. Senior Lecturer
Department of Accounting, University of Sri Jayewardenepura, Sri Lanka
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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