Zim News Blog -NEWS NETWORK

NEW YORK — Some U.S. adults are using artificial intelligence for financial guidance, but it’s far from the most trusted source of advice, according to a new Gallup survey conducted in partnership with Edward Jones, a financial services firm.

About 1 in 5 Americans who have sought financial advice in the past year turned to AI, the survey found. But among U.S. adults overall, only about 3 in 10 have “a great deal” or “some” confidence in its expertise for managing money, according to the survey, including just 3% who trust AI “a great deal.”

The poll, which was conducted in the spring and looked at the views of adults who are at least 21, found a disconnect between the resources Americans trust for financial advice and the ones they actually rely on. About 8 in 10 U.S. adults have at least “some” confidence in financial advisers. But only about one-third of U.S. adults who sought financial advice turned to a professional financial adviser, with far more, 73%, saying they relied on their own internet research.

As the use of AI increases, financial experts say consumers should be cautious about fully trusting these tools. Using AI as a tool at the start of a learning journey and then combining this knowledge with other trusted sources can be the best way to engage with new and traditional financial guidance tools, said Taha Choukhmane, associate professor at MIT’s Sloan School of Management.

“I would encourage people to use AI to explain and define,” Choukhmane said. “If you’re interested in knowing what the stock market is, what the difference between a mutual fund and an index fund is. Using AI to explain these concepts can be very useful because it can empower people to get the most out of these methods.”

Most Americans have sought financial guidance from at least one source in the past year, the survey found. In addition to those who said they used internet research, financial advisers, or AI, 35% went to a parent, sibling, or relative, while 26% got information from news, media or social media. About 2 in 10 said they turned to a friend or an author, speaker, or influencer, and fewer relied on an employer or retirement plan provider, a robo-advisor or a teacher or professor.

Younger generations are more likely to say they’ve used AI for financial advice, while older adults are more likely to have turned to a professional financial adviser.

Affordability can often deter younger adults from hiring a financial adviser. While doing research online, asking family and friends and using AI can have minimal costs, hiring a professional can require a bigger financial commitment. About a quarter of Gen Z and millennial adults who looked for financial advice in the past year went to AI, compared to 16% of Gen Xers and just 7% of baby boomers. But while only 14% of Gen Z adults and 21% of millennials who sought guidance turned to a professional financial adviser, that rose to 34% of Gen X adults and about half, 55%, of baby boomers.

Since AI interacts with specific user prompts, the advice can vary depending on how questions are asked. But asking general questions about personal finance can help people understand complex financial terms. Choukhmane also recommends asking AI to provide references to trusted sources to verify the information provided.

While AI can be utilized for research, some financial experts are skeptical about the legal responsibilities of the technology. Certified financial planners have a legal responsibility to give the most fitting advice while AI tools don’t. Ultimately, the decisions a person makes based on AI advice are their responsibility.

“Fiduciary responsibility is very real,” said Bobbi Rebell, certified financial planner and founder of Financial Wellness Strategies. “There’s no AI that is a fiduciary. It doesn’t really know your life; it’s not asking you all the questions.”

Source: AP

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HARARE — Zimbabwe received a record US$2.45 billion in diaspora remittances in 2025, representing a 14% increase from the previous year, with the United Kingdom narrowly overtaking South Africa as the country’s largest source of funds from citizens living abroad.

The latest figures highlight the growing economic importance of Zimbabwe’s diaspora, whose financial contributions have become a major source of foreign currency and an increasingly important pillar of household and business activity.

Zimbabwe received approximately US$709.6 million from the UK during 2025, compared with US$702.6 million from South Africa, according to central bank figures reported by Bloomberg.

The figures came into sharper focus following the conclusion of Zimbabwe Diaspora Week on August 9, which brought together Zimbabweans living and working in major overseas markets including Britain, the United States, Australia and South Africa.

Remittances become a major source of foreign currency

The surge in remittances underscores the increasingly important role played by Zimbabweans abroad in supporting the domestic economy.

Funds sent home are used for a wide range of purposes, including household consumption, school and university fees, healthcare, housing, property acquisition and financing of small businesses.

For many households, diaspora transfers have effectively become an important source of income and foreign-currency liquidity, particularly against a backdrop of constrained domestic financing.

The Reserve Bank of Zimbabwe recorded formal remittance inflows rising by about 14% during 2025, bringing the annual total to US$2.45 billion.

The latest figure also demonstrates the rapid expansion of Zimbabwe’s diaspora economy. Remittances had already reached approximately US$880 million during the first five months of 2025, indicating the strength of the inflows throughout the year.

UK edges past South Africa

The UK’s emergence as Zimbabwe’s largest remittance source represents an important shift in the country’s diaspora economy.

Britain contributed about US$709.6 million in 2025, marginally ahead of South Africa at US$702.6 million.

The narrow difference reflects the continued importance of South Africa as Zimbabwe’s largest regional labour and migration destination, while also highlighting the expanding economic footprint of Zimbabweans living in Britain.

The United States, Australia and other countries contributed the remainder of the US$2.45 billion total, with the UK and South Africa together accounting for more than half of recorded remittance inflows.

A critical economic lifeline

Remittances have become particularly important as Zimbabwe continues to face restricted access to international financing and persistent foreign-currency pressures.

The inflows provide a relatively stable source of hard currency outside traditional exports and foreign direct investment, while supporting consumption, investment and cross-border economic activity.

Official estimates indicate that remittances contribute more than 8% of Zimbabwe’s economy, making the diaspora an increasingly significant component of the country’s economic structure.

The scale of the flows also places Zimbabwe within a broader African trend in which money sent home by citizens working abroad has become an important source of external financing, in some countries even exceeding traditional export earnings.

Formalisation remains a policy challenge

Despite the growth in official remittances, Zimbabwe still faces the challenge of ensuring that a greater proportion of diaspora money moves through formal financial channels.

High transfer costs, exchange-rate differentials and concerns over financial institutions can encourage recipients and senders to use informal channels, potentially leaving a significant portion of the diaspora economy outside official statistics.

This creates a policy dilemma for authorities. While remittances provide much-needed foreign currency, their long-term economic impact could be substantially greater if more of the funds were channelled into productive investment rather than primarily household consumption.

For Zimbabwe, the growing diaspora economy therefore represents more than a source of family support. It is becoming an increasingly important part of the country’s external financing structure, providing foreign currency at a scale that places millions of Zimbabweans living abroad among the country’s most important economic stakeholders.

The post Zimbabwe’s Diaspora Remittances Rise to US$2.45 Billion as UK Overtakes South Africa appeared first on The Zimbabwe Mail.

HARARE — In a scene that has left the nation both awestruck and deeply divided, Prophet Emmanuel Makandiwa recently stood before his cheering United Family International Church (UFIC) congregation to display a staggering US$1 million in cold, hard cash. The money, presented as a “seed” for church construction, was gifted by the flamboyant and controversial […]

The post The US$1 million Altar Secret: Why Wicknell Chivayo’s Massive Cash Gift to Makandiwa Has Sparked A National Outcry first appeared on My Zimbabwe News.

Source: NGO creates 400 green jobs in Mabvuku, Tafara -Newsday Zimbabwe

HARARE, Aug. 10 (NewsDay Live) — Local non-governmental organisation Practical Action Zimbabwe has created more than 400 green jobs in Harare’s Mabvuku and Tafara suburbs, helping residents earn incomes through waste collection and recycling.

The organisation, in partnership with the Swedish International Development Agency (Sida), has established a multifunctional clean energy centre and integrated resource recovery facility in Tafara, where waste pickers deliver recyclable materials for sorting and resale and receive immediate payment.

Some waste pickers earn up to US$250 a month from the initiative.

Practical Action business, markets and finance expert Patience Samhutsa said the programme primarily targeted unemployed women, youths and people living with disabilities, providing them with income-generating opportunities and training in environmental management.

“We operate under the mantra ‘turning waste into wealth’ and hope to recruit as many as 1 000 waste pickers in the shortest possible future as part of our green energy campaign,” Samhutsa said.

The facility also provides free training in carpentry and welding, with able-bodied men among those taking up the skills development opportunities.

Powered entirely by solar energy, the centre has become a training hub for residents seeking skills in cooking, welding, carpentry, detergent-making, dressmaking, information and communication technology and hairdressing.

Site manager Melissah Mhaka said 29 full-time employees currently work at the facility, sorting waste before selling it to clients including Geo Pomona Waste Management and other recycling companies.

“This project has transformed the lives of many residents in Mabvuku and Tafara, as many of them have now realised that there is wealth in waste,” Mhaka said.

She said transport had previously been a major challenge for waste collectors, but corporate support had helped ease the problem.

“We are also grateful to corporates such as Delta Corporation for giving us a truck, free of charge, once every week to collect waste from various drop-off points to our main centre in Tafara. Their intervention has helped us a lot since our waste collectors used to face transport challenges,” Mhaka said.

The project is now seeking to move beyond collection and sorting into on-site value addition, which Mhaka said would enable residents to earn better returns from recyclable materials.

Practical Action said its longer-term goal was to expand participation in the programme while promoting renewable energy, environmental sustainability and livelihoods in the two high-density suburbs.

The post NGO creates 400 green jobs in Mabvuku, Tafara appeared first on Zimbabwe Situation.

Source: Mnangagwa claims passage of Amendment No. 3 a sign of maturing democracy -Newsday Zimbabwe

HARARE, Aug. 10 (NewsDay Live) — PRESIDENT Emmerson Mnangagwa has claimed that the passage of the controversial Constitutional Amendment Act No. 3 was evidence of Zimbabwe’s maturing democracy, despite strong opposition to the legislation from opposition parties, churches and civil society organisations.

Mnangagwa, who recently assented to the legislation, made the remarks yesterday during Heroes Day commemorations at the National Heroes Acre in Harare.

He attributed the passage of the amendment to what he described as prevailing peace, unity and national cohesion in the country.

“Unity, peace and harmony prevailing in our nation, complemented by deeply entrenched values of national cohesion. These critical ingredients saw the passing of the Constitutional Amendment Act Number 3,” Mnangagwa said.

“These attest to our maturing democracy. Congratulations to all Zimbabweans.”

The amendment was passed by Parliament before being signed into law by Mnangagwa, amid sustained criticism from opposition parties, churches and civil society groups.

Meanwhile, Mnangagwa said government had completed some components of the Smart Traffic Management System, which would be rolled out across the country as part of efforts to improve road safety and restore order on public roads.

“The government has completed some aspects of the Smart Traffic Management System, which will be rolled out throughout the provinces,” he said.

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“This flagship Whole-of-Government and Society strategy is aimed at restoring sanity and safety on our public roads.”

Mnangagwa also said government was seeking to bridge the information gap between urban and rural communities through the expansion of community broadcasting.

He said new community radio stations had been licensed in Marondera, Rusape, Gutu and Gokwe to improve access to information.

On public sector reforms, Mnangagwa said his administration had introduced measures aimed at improving efficiency and service delivery.

“My administration has rolled out innovative reforms that are giving coherent structures, clarity of roles, and fluency to operations in the Public Service,” he said.

“Government workers are being re-skilled to be fit for purpose, agile, and fully aligned to the development aspirations of our country.”

He said the Citizen Engagement Platform, launched earlier this year, would provide a mechanism for citizens and other stakeholders to contribute to government programmes and strengthen accountability.

“As we continue to strengthen service delivery, the Citizen Engagement Platform, which I launched earlier this year, is expected to harness the views of citizens and other stakeholders, towards fostering accountability, responsiveness, prudent utilisation and management of resources,” Mnangagwa said.

The President also highlighted justice-sector reforms, saying technological advancement and improved access to justice were critical to achieving the government’s Vision 2030 development agenda.

“A modern and technologically enabled justice sector is a key enabler of sustainable economic growth and the attainment of Vision 2030,” he said.

“Under NDS 2, government will accelerate constitutional alignment of legislation, expand digital justice services, strengthen anti-corruption and asset recovery frameworks, as well as broaden access to legal aid.”

On mining, Mnangagwa said the sector was producing a new generation of economic contributors, but warned against environmental degradation.

“New heroes and heroines are sprouting in the mining sector. However, this should never be at the expense and detriment of future generations,” he said.

“My administration will not excuse wanton damage of infrastructure, rivers and natural environments. These must be rehabilitated.”

He said communities should continue to benefit from the country’s natural resources while ensuring environmental protection.

“Our economy and communities must sustainably enjoy the benefits of our Independence,” Mnangagwa said. 

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