Today, Monday, 11 June 2012, has been documented as a milestone in the history of financial education in KwaZulu-Natal (KZN) when we will be launching the financial literacy education programme for Youth Ambassadors, in partnership with the Youth Development Directorate in the Office of the Premier. Nedbank will be sponsoring these financial education workshops in all the municipalities whereour 4 600 Youth Ambassadors are based. The material to be used has been accredited by the South African Qualifications Authority (SAQA) and is on NQF Level 2.
Also launched today, was the first survey on the levels of financial literacy in households. This research will assist the KwaZulu-Natal Financial Literacy Association, of which Finance MEC Ina Cronjé is the champion, to address the financial education needs of the people. This fits in perfectly with the Operation SukumaSakheprogramme driven by the Office of the Premier. The questionnaires will be taken by the Youth Ambassadors to the households and will be processed by the Research, Monitoring and Evaluation Unit of the Association. This extensive financial education household survey in one province is a first in the country.
Speaking at the launch, MEC Cronjé said that adolescence is a critical time for learning basic skills relating to earning, spending, saving and investing money, “Knowledge about money matters can help day-to-day money management, manage risk, open up new opportunities to work, to build assets, and to expand our children’s horizons. This is also when one can inculcate good savings and financial planning habits, helping our young people to grow more independent, self-confident, and prepared for the future.”
She debunked the myth that poor people cannot save for a better life, giving examples of successful savings groups and challenging the Youth ambassadors to do the same. “Instead of just paying off clothing accounts, put something away for your future. Let us start buying only what is necessary. Adopting a discipline for saving is possible.”
Young people were also encouraged to exploit entrepreneurship as an active element of their economic participation strategies in order to grow the economy. “Become money wise and learn about cash flow management and record keeping for your own business. The lack of these skills has been the downfall to many a small business. However, first learn how to manage your own personal finances.”
MEC Cronjé commended Nedbank for its investment of approximately R3.5 million in the training of the Youth Ambassadors. “Government does not have the resources and expertise to implement the programmes. Therefore we need members, such as Nedbank to deliver generic financial education, without pushing company products. Your investment will go a long way,” she said.
Welcoming the initiative, Youth Development Manager in the Office of the Premier, Ms Gugu Simelane Zulu said The purpose of the Youth Ambassadors is to provide a platform for young people to interact with each other and encourage the youth to change their behaviour through several programmes.
Financial literacy will assist youth Ambassadors to understand financial management in general,and they will provide training to other young people in their area of operation in the communities.
Enquiries:
Ndabezinhle Sibiya
Spokesperson for the Premier
Cell: 082 375 4742
