The provincial finals of the Grade 11 Speech Contest have helped a16-year old Bongumusa Nkwanyane from Eshowe High, uThungulu District to achieve his dream of pursuing his tertiary studies in the field of financial planning, courtesy of a bursary to study towards a four-year post graduate degree in financial planning. He also walked away with a tablet, 40 Screen LCD Smart TV and a certificate.
Accepting the prizes, he said he was in the business stream already at school. “I got interested in the finance field. During the process of the contests, I have learnt to be myself and to deal with people and handle public speaking and I hope to transfer some of the skills I have learnt to other students.
Nkwanyane beat eleven other contestants during a tight race for the number one spot during this annual competition organised by the KwaZulu-Natal Financial Literacy Association (KZNFLA) under the In School Youth Focus Group in collaboration with the Financial Practitioners development Trust and the KZN Department of Education.
The second and third winners did not go home empty handed. Number two went home with a laptop, Samsung mini hi fi, tablet and a bursary to study towards a three-year degree as well as a dvd player, Number three got Sony home theatre, laptop, Samsung mini hi fi, while all other contestants received laptops and certificates.
Educating the youth about financial products is swiftly becoming a global trend because sound financial education can play an important role in helping young people make informed decisions about their financial future at a tender age.
The purpose of the speech contest and grand finale is to highlight Provincial Treasury’s role in encouraging careers in finance; promote financial literacy in KZN schools (Budgeting, Saving & Investment and Consumer Rights); create awareness of consumer rights & available support systems; promote careers in the financial service industry; introduce insurance as investment for all individuals and use youth to discuss financial concepts with their parents; create awareness for the activities of the KZN Financial Literacy Association & the Financial Practitioners Development Trust; as well as integrate theory and practice as an important principle in the National Curriculum Statement.
The MEC for Finance who is also Champion of Financial Literacy Association, Ina Cronje said “I want our finalists to ensure that this contest does not end here. “Go back to your schools and make this a living programme. As a country, we are in debt. Unlike our tertiary students, you are in a fortunate situation in that you don’t have debts yet. This programme will help you avoid making the same mistakes that many of us have made when it comes to managing finances”.
Cronje said she wanted them to consider the significance of saving and investing as it is a way to get out of unnecessary debt and financial problems.
Learners had to compete at class level before they contested at ward level. Ward winners then had to compete at circuit level and district finalists were chosen from the circuit winners. The contest is driven by the relevant subject advisors and the teachers at school, ward, circuit and district level before it eventually reached provincial level.
Background information
In the last two years, the fun filled educational event has proved to be very popular as proud teachers and leaners from each participating school packed halls to cheer and support their peers to ease the stage nerves. In five minutes each contestant had to tackle one of these topics:
Topic 1: Me and the Law vs the Financial Services Providers (FSPs)! Do we stand a chance? The aim of this topic is to create awareness about the rights and responsibilities of consumers when dealing with FSPs and the ethical considerations of FSPs when dealing with consumers. Furthermore, is the financial sector a protected environment for consumers?
Topic 2: What financial product can I buy with my pocket money?
The aim of this topic is to provide insights into the types of products (if any) available for low-income earners, even for school learners or university students. This includes banking products such as savings accounts. The affordability and appropriateness of these products should also be highlighted.
Topic 3: Dad/Mom, will we be rich one day?
The topic aims to create awareness around the importance of debt management through effective financial management and planning. How it can assist consumers to make sound and informed financial decisions in order to grow their money for sustainable wealth.
The KwaZulu-Natal Financial Literacy Association (KZNFLA) was established on 25 January 2011 under the auspices of KZN Finance MEC Ina Cronjé. The Association’s purpose is to address financial illiteracy in the province collectively (business, government, regulating bodies and financial institutions). The Association, which now comprises 93 entities (financial institutions, regulatory bodies, academic institutions, non-governmental organisations (NGOs), business chambers and government departments, work through six focus groups:
- In School Youth
- Out of School Youth
- Women and vulnerable groups
- Small, medium and micro enterprises (SMMEs) & co-operatives
- Government employees
- Traditional leaders
A need to address the general public’s lack of knowledge about financial products was identified and a decision was taken that financial education should start while children are still at school. The Financial Practitioners Development Trust started a Speech contest on Finance at some schools in the Ugu District. Nine finalists from the District competed in the final round.
In 2011 the Trust joined the KZNFLA and with the assistance of the Association the speech contest was extended to grade 11 learners at 1 500 public high schools in all 12 districts. Twelve finalists (one from each district in KZN) competed in the final round of the 2011 and 2012 competition.
For more information:
Musa Cebisa
Cell: 071 687 8777
