Money smart campaign launched
ALEXANDRA – Alex to benefit from minister Gungubele's financial literacy corridor pilot.
Deputy Minister of Finance, Mondli Gungubele made a thought-provoking link between education and the nation’s financial wellness while speaking at the launch of the Money Smart Week South Africa (MSWSA) campaign.
This as the country struggles with creating a money-savvy and savings culture among its citizens.
The campaign is an educational awareness platform of financial institutions and companies to improve financial literacy in the country. They include the National Treasury, Financial Sector Conduct Authority, National Consumer Financial Education Committee and Financial Services Consumer Education Foundation.
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The event was also attended by schools and community representatives. The campaign will be piloted between 8 and 12 October in Gauteng, the financial hub of the country.
Gungubele said, “The primary purpose and impact of education and knowledge is to harmonise human beings with their surroundings. “There is a relationship between lack of information, instability and stress levels and that the power of clarity is critical for human prosperity.”
He added that financial education also helped to build trust. “The importance of teaching people responsibilities that financial service providers have towards their consumers allows consumers to make better decisions. Without clarity and education, there can be no trust.”
Also speaking at the launch, Lyndwill Clarke of the Financial Sector Conduct Authority indicated that financial literacy was a necessary enabler for financial inclusion, consumer and small business owners’ protection and empowerment to meaningful participation in the financial sector. This in reference to the 2018 Budget Review which emphasises financial literacy as the key to ‘building a safer financial sector to serve South Africa better’.
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Clarke’s colleague Caroline da Silva said the campaign was at a time when the country was looking for the one big thing to bolster financial literacy in the country. “The MSWSA is that one big thing. It is so important that we get the word out there to inform people of this great campaign.”
Dubbed ‘education corridor’, the campaign will be conducted through free educational workshops, exhibitions, talks, awareness activities and information hubs in Mamelodi, Alexandra, Tembisa and Soweto.
The campaign will provide information on:
- Available and accessible financial education
- Qualified institutions and individuals providing informed advice
- Significant impact of controlling one’s financial situation to their future financial well-being.
Further details on the campaign can be found on info@mswsa.co.za or 012 428 2819.
