KwaZulu-Natal Grade 11 learners gather to 'flex' their financial literacy muscle

Cebiswayimfundo Mnguni of Escourt High School has won the 2011 Grade 11 Provincial Speech Contest on finance, a competition that has seen a total of 12, Grade 11 learners who competed at school, circuit, ward and district level in the province taking each other head-on on finance management matters at uVongo Town Hall in Port Shepstone today.

This groundbreaking initiative is envisaged to become an annual competition, aimed at promoting financial literacy in schools in KwaZulu-Natal (KZN) (Budgeting, Saving & Investment and Consumer Rights), Creating awareness of consumer rights & available support systems, Promoting careers in the financial service industry, Introducing insurance as investment for all individuals and use youth to discuss financial concepts with their parents, Creating awareness for the activities of the KZN Financial Literacy Association and the Financial Practitioners Development Trust, Integrating theory and practice as an important principle in the National Curriculum Statement, reaching as many secondary school learners as possible to create greater awareness in schools and communities about financial values through active participation and also to provide a unique opportunity for learners to consider a career in finance.

Mnguni, the first price winner, was overjoyed as he scooped a bursary, trophy, certificate, Post Bank account with R300 cash. He won a Hi-fi radio set, television and a CD player for his school. “It was a roller-coaster indeed, my sleepless nights paid off and eventually I managed to pull through, I would like to thank my parents, my teachers and all who assisted me to win” he said.

The judging panel had to moderate on the following topics: How do regulators protect consumers? (which was Mnguni’s topic), How do I protect my money? Financial Services Ombudsman and the responsibilities of consumers. The second place was scooped by Lungile Mkhwanazi of Nonhlevu High School. All the participating learners got certificates of appreciation, laptops from PC training, Post Bank account with R300 cash with financial literacy training for their schools.

Speaking at the function, KZN MEC for Finance Ms Ina Cronje who is also the champion of the KZN Financial Literacy Association, which endorsed the competition through its In-School Youth Group, views the competition as an opportunity to strengthen the association endeavour to inculcate in learners the values of the financial education in the province, while promoting respect and appreciation for diverse ideas and opinions. “People of all ages need to know how their finances operate” she says.

The Education Senior General Manager, Dr Simon Mbokazi representing the MEC for Education Mr Senzo Mchunu, thanked the professionals and finance specialist who made time to assist learners and educators in preparing them to participate in the competition. “MEC for Education fully endorses this project as this competition provides an excellent opportunity for learners in our secondary schools to get a taste of how the finance fraternity operates” he said.

The Chairperson of the In-school Youth Group in the association, Mr Artwell Hlengwa, who is also the Chairperson of the Financial Practitioners Development Trust, which initiated this competition nine years ago at Ugu District. But since the trust has joined the association at the beginning of the year, the competition has expanded to all the districts in the province. “I thank the provincial government through Education and Treasury departments for realising the importance of grasping this campaign” he said.

The Chief Executive Officer of the Financial Services Board, Mr Dube Tsidi gave thumbs up to the project and said that “we commending KwaZulu-Natal for being the first in the country to come with such an initiative, we are working on taking this model to the national level using KZN as a spring board” he said.

Hlengwa thanked the following sponsors and partners who have made this project and event possible. Charities Insurance, Financial Planning institute, Financial Practitioner Development Trust, Financial Service Board, Hibiscus Coast Municipality, Insurance Sector Education and Training Authority (INSETA), Kapenta Bay Hotel, KZN Education, KZN Provincial Treasury, PC Training and Business College, Post Bank, Ukhozi Radio.

The judging panel comprised of representatives from INSETA, Financial Planning Institute, the Department of Education, and Financial Services Board. Chief adjudicator, Ms Olivia Davids commented on the high confidence level of the participants and the improvement that the panel has witnessed and also gave tips for future improvement.

Provincial finalists