Financial literacy is essential to the growth & development of our Nation.
In the Budget Review, 2018 emphasis has been placed on:
“Building a financial services sector that serves all South Africans”.
Financial literacy aims at helping South Africans make sound financial decisions and anticipate their financial needs, the National Treasury, the new Financial Sector Conduct Authority and the National Consumer Financial Education Committee will pilot MoneySmartWeek, an education and awareness platform involving financial institutions,
companies, schools and communities.”
Budget Review, 2018, National Treasury of South Africa, P161
National Treasury Policy Document: A safer financial sector to serve South Africa better, 2011.
Has the ability to improve people’s financial wellbeing. However, an environment characterised by numerous and complex financial products and many financial challenges facing households demonstrates how important education is to financial inclusion.
Confidence, knowledge, information and access to make appropriate financial choices is a key aspect of consumer protection. Financial education plays a crucial role in the broader consumer protection environment.
The Financial Sector Conduct Authority (FSCA), formerly the FSB, is mandated to “provide, promote or otherwise support financial education, awareness and confidence regarding financial products, institutions and services”.
To achieve its policy objectives and education mandate, National Treasury and the Financial Sector Conduct Authority (FSCA) established the National Consumer Financial Education Committee (NCFEC). The objective of the NCFEC is to foster coordination and consistency across various consumer financial education initiatives with other stakeholders. The proposed project is called Money Smart Week South Africa.
Money Smart Week 2020
MSWSA is based on the established Money Smart Week activity in Chicago. MSWSA 2020 will be the South African version with the support of our International counterparts.