Financial literacy is essential for the growth and development of our Nation.
The National Treasury (NT), Financial Sector Conduct Authority (FSCA), National Consumer Financial Education Committee (NCFEC) and the Financial Services Consumer Education Foundation (FSCEF), on Friday 3rd August 2018 launched the Money Smart Week South Africa (MSWSA) campaign – an educational awareness platform involving financial institutions, companies, schools and communities, aimed at improving financial literacy in the country.
Speaking at the launch, Deputy Minister of Finance, the Honourable, Mr. Mondli Gungubele delivered a thought provoking speech filled with analogies and anecdotes from his own life. He highlighted the primary purpose of education on society and the impact that the lack of knowledge has and noted that, “The primary purpose of education is to harmonise humans with their surroundings. Thus there is a relationship between lack of information, instability and stress levels and that the power of clarity is critical for human prosperity.”
Mr. Gungubele went on to explain that financial education in particular, goes beyond education or knowledge acquisition to also building trust.
“The importance of teaching people the responsibilities that financial service providers have towards their consumers allows consumers to make better decisions. Without clarity and education, there can be no trust.”
Mr. Lyndwill Clarke, Head of Department for Consumer Education who spoke at the event indicated that financial literacy is a necessary enabler for financial inclusion and consumer protection and empowers consumers and small business owners to meaningfully participate in the financial sector. This was echoed in the 2018 Budget Review, which emphasizes that financial literacy is key tool to “building a safer financial sector to serve South Africa better”.
Ms. Caroline da Silva, Division Executive: Regulatory Policy at the FSCA who also spoke at the event went on to say that the country has been looking for the one big thing to bolster financial literacy in the country and said “MSWSA is that one big thing” and “it is so important that we get the word out there” to inform people of this great campaign.
The campaign aims to communicate that:
- Financial education is accessible and readily available;
- Qualified institutions and individuals exist to provide informed advice;
- Controlling your financial situation can have a significant impact on your future financial well-being.
MSWSA 2018 will run from the 8th to the 12th of October 2018, bringing free educational workshops, exhibitions, talks, awareness activities and information hubs to communities. An “education corridor” will be created along the M1 and N1, with key focus locations being Mamelodi, Alexandra, Tembisa and Soweto. Gauteng has been chosen as the trial province as it is the most densely populated province and is South Africa’s financial hub. By making use of lessons learnt from this pilot, it is envisaged that MSWSA will ultimately become a national event taking place on an annual basis.
Regular updates on MSWSA 2018 activities, dates, venues, participants and brand champions can be found on our online and social media platforms.
If you are interested in covering MSWSA (press), becoming a donor or a contributor to the MSWSA 2018 initiative, please email; email@example.com
YouTube: Money Smart Week South Africa
Mr Lyndwill Clarke
HOD: Consumer Education
Financial Sector Conduct Authority
Tel: 012 428 2819
Cell: 079 881 1805
Money Smart Week SA 2018