Financial literacy is essential to the growth & development of our Nation.
The National Consumer Financial Education Committee (NCFEC) is an entity comprising a variety of stakeholders in the financial education sector. The NCFEC was established to secure active involvement, collaboration and coordination of various stakeholders in consumer financial education. In part fulfilment of its mandate, the NCFEC established Money Smart Week South Africa (MSWSA), a financial literacy campaign aimed at motivating and empowering South Africans to become more educated about their finances. This year, the NCFEC will host its third Money Smart Week South Africa (MSWSA) which will be held from 29 August to 4 September 2022.
The NCFEC’s MSWSA annual events are inspired by and adapted from the Global Money Week (GMW). The GMW, which celebrates its 10th Anniversary this year, aims to empower young people with the knowledge and skills necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience. The targeted reach of the NCFEC is wider, however, the NCFEC considers financial literacy initiatives necessary in South Africa (SA), given the high rate of youth unemployment and low rates of household savings. That said, the NCFEC has adopted the Global Money Week Theme for 2022 which is “Build your future, be smart about money”, with some sub-themes to ensure the relevance of the theme to the South African landscape.
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”.
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.