MEC for Finance Ms Ina Cronjé today launched the provincial savings campaign at Mthethomusha Primary and KwaPata High in Pietermaritzburg, with the aim of teaching children and socially disadvantaged young people, about the importance of saving money.
"Launching this campaign at school was not a mistake - there is an isiZulu saying which goes "ugotshwa usemanzi" which means you can teach a person valuable lessons while they are still young. We are here today to promote a culture of saving amongst learners, create awareness about the value of money and the importance of saving, promote financial literacy and assist learners appreciate the power of choice," said Ms Cronjé.
Each learner received a savings box to save money at home and an information pack with all the details on saving. Learners were also encouraged to share the information with their parents or guardians.
"We hope that you will take the knowledge that we brought to you back home and use the saving boxes that we gave to you wisely. Save your last cent so you can plough up more rands," advised Ms Cronjé.
Lack of financial literacy is one of the biggest barriers to saving. The Finscope (2008) survey revealed that there is a high demand of financial education and education more generally in this country because of the extent of misunderstanding of financial terms and the lack of financial knowledge. Without adequate knowledge of the available financial instruments, appreciation of the risks involved with different types of investments, and recognition of the benefits of long term saving, behaviour for many people remains unchanged.
This year's savings campaign comes at a very crucial time when the world is facing an economic meltdown. "This government is of the opinion that despite the depressed economic climate, promoting savings remains a relevant and critical agenda," she said.
"In the face of severe economic pressure, a downturn in world markets, job losses and a recession, we need to minimise spending in order to come out of the credit crunch that could wipe out income in the absence of a savings plan hence everyone should have a savings plan.The road to financial freedom lies in the efforts to save today," said Ms Cronjé.
Speaking on behalf of the Department of Education, the Senior General Manager, Dr Simon Mbokazi who was representing MEC for Education and the Head of Department said that this campaign is in line with the school syllabus as it forms part of life orientation subject. "We thank Finance for launching this campaign at the two schools, we will sustain it through our Life Orientation programmes we currently running at schools" he said.
For more information, contact:
Musa Cebisa
Cell: 071 687 8777
Issued by: Department of Finance, KwaZulu-Natal Provincial Government
28 July 2009
