The National Treasury (NT), Financial Sector Conduct Authority (FSCA), National Consumer Financial Education Committee (NCFEC) and the Financial Services Consumer Education Foundation (FSCEF) recently successfully took financial education to South Africans in the communities where they live. These stakeholders went live with their pilot initiative Money Smart Week South Africa (MSWSA) in the communities of Mamelodi, Tembisa, Alexandra and Soweto from 8 to 12 October 2018. This is the first time MSWSA, a campaign adopted from the Chicago model in the United States of America, has been implemented in South Africa. It is aimed at creating awareness of the importance of consumer financial education.
The campaign used various financial educational initiatives from both the public and private sector and packaged these initiatives into a series of organized events of which consumer education, consultation and advice was shared with the public at large.
The key messages of Money Smart Week South Africa emphasized that:
• financial education is readily accessible and available;
• qualified professionals exist to provide you with informed financial advice;
• controlling your financial situation is important for the future.
“Money Smart Week SA was the result of herculean effort by a small number of people who dream of making a difference in the financial wellness of South Africans. I always say if you make a difference in one life then you have made a difference. Money Smart Week SA made a difference in the lives of many. The FSCA and FSCEF are proud to be part of this initiative and gratefully acknowledge the partnership approach of Government, industry, fellow regulators and Ombuds offices,” said Caroline da Silva, Divisional Executive: Regulatory Policy at the FSCA.
Speaking on behalf of The Financial Services Consumer Education Foundation (FSCEF), the Chairperson Prem Govender said: “The interest shown at the various activities during Money Smart Week demonstrates yet again the dire need to provide the public at large with basic, unbiased information to make them more aware of their rights as consumers of financial products and services. We sincerely hope that this will ultimately lead them to making the correct saving and spending decisions.”
Lyndwill Clarke, Head of Consumer Education at FSCA said; “the MSWSA presented a unique opportunity for the financial industry, regulators, ombudsman, industry associations and all other stakeholders to collaborate in bringing much needed information on financial issues to communities.”
“The dedication from all the participants showed the importance that was being placed on making consumers financially literate by the financial sector,” he added. Mr Clarke expressed a heartfelt thanks to all participants, consumers and the volunteers that attended.
Ms Janete Nel, Marketing Manager, ASISA and member of the MSW Steerco added that;
“The ASISA Foundation participated in MSWSA 2018 as it is committed to fostering the future of South African society through effective consumer education initiatives, to facilitate greater financial inclusion. The collaborative approach of MSWSA in rolling out different consumer education initiatives by various stakeholders in the financial services industry, was encouraging as it attests to the commitment of the industry to address the challenges faced by many community members. It was a privilege for the ASISA Foundation to participate in the MSWSA campaign and contribute to making a positive difference in the lives of the community members we interacted with.”
For more information on what Money Smart Week SA entailed, please see attached Annexure A.
For general enquiries about the project visit www.msasa.co.za or email; firstname.lastname@example.org
If you would like to become a donor of future consumer financial education programmes, email the Chairperson (FSCEF) on; email@example.com
Photos of the events can be accessed by visiting the following social media websites:
YouTube: Money Smart Week South Africa
Issued by: Mr Lyndwill Clarke
HOD: Consumer Education
Financial Sector Conduct Authority
Tel: 012 428 2819
Cell: 079 881 1805
Money Smart Week SA 2018
Date: 17 October 2018