The MEC for Finance, Ms Ina Cronjé, in partnership with Nedbank launched the provincial out of school youth financial literacy programme in Chatsworth (Durban) today.
MEC Cronjé, champion of the recently established KwaZulu-Natal Financial Literacy Association, threw down the gauntlet to the Chatsworth local leadership, to establish their own financial literacy committee. The local committee would then become part of the out of school youth financial literacy sub-committee in the KwaZulu-Natal Financial Literacy Association.
Out of school youth is one of the five groups (out of school youth, in school youth, women and vulnerable groups, small medium and micro enterprises (SMMEs), government employees), operating under the KwaZulu-Natal Financial Literacy Association umbrella to address financial illiteracy in the province.
To date 45 entities, comprising most banks, accounting firms, business chambers, universities, FET Colleges and other training institutions, government departments, regulatory bodies, non-governmental organisations (NGOs) and media houses have joined the association.
The out of school youth group promotes financial literacy among out of school youth in KwaZulu-Natal, focussing on issues, such as financial planning, credit, insurance and risk management, taking advantage of economic opportunity, budgeting, saving and investment and consumer rights and creating awareness of available support systems. The group also obtains the buy-in of stakeholders who work with Out of School Youth to partner as members of the KwaZulu-Natal Financial Literacy Association.
Addressing a hall full of potential stakeholders from different religious groups, training institutions, youth centres and entities who work with young people and youth out of school in particular, MEC Cronjé said that it is good to see the plan coming together.
“We are launching this initiative here today in Chatsworth and we will be taking it to all corners of the province. This initiative is to support young people, but we deliberately launched it with community leaders and community role models as well as potential stakeholders so that it can be endorsed and be localised at all the corners of the province,” said Cronjé.
Records show that, by the time youth finish their school or tertiary education, they are already knee deep in debt. She agreed with out of school youth financial literacy leader, Calvin Singh, that communities have to reverse the culture of debt dependence by the youth of today. Instead they should become financially literate and independent, creating wealth.
She thanked Nedbank for sponsoring the event and appealed to community leaders to get the financial literacy ball going in Chatsworth.
“We are asking you as leaders in your area to give some of your time in whatever field of specialisation that you are in, to really make an impact on today’s young people, especially in the field of financial education. It is everybody’s responsibility to ensure that our young people are not left behind because of wrong financial choices.”
Mr Singh said that the programme is a collaborative effort, which should be lauded. “Young people need a different approach and it is at community level that we can make a relevant and effective attempt to empower people and change behaviours.”
The out of school youth financial literacy group will cover the entire province, setting up localised committees to achieve the objective of financial literacy.
Nedbank Regional General Manager, Mr Fayzal Omar, said that Nedbank’s community projects, such as the local hero and affinity programmes, are clear indications that the bank is serious about supporting an initiative like the financial literacy programme. “This programme will really make things happen in communities.”
Enquiries:
Musa Cebisa
Cell: 071 687 8777
