The world of finance seems to be only existing for adults. However, with International Child Finance Day tomorrow, 16 March 2012, the focus will be on the importance of Financial Education for children and the youth. The KwaZulu-Natal Financial Literacy Association (KZNFLA) echoes the same sentiments, with two focus groups dedicated to ensure financial education to children and youth in the province.
The in-school youth and out of school youth focus groups coordinate several exciting programmes on child financial education. These include the in-school youth focus group's 2012 Grade 11 Speech Contest on Finance, which will be launched in April, while a partnership with the Youth Ambassadors in the Office of the Premier will not only bring financial education to the Youth Ambassadors, but eventually also to the young people in the households they profile.
The champion for the KZNFLA, Finance MEC Ina Cronjé, said that many children grow to adulthood without knowing how to handle money. "Due to a lack of knowledge they get themselves into trouble, which could have been prevented had they known more about the cost of living, the debt trap, saving and good spending habits."
Speaking ahead of the International Child Finance day MEC Cronjé said that government "takes pride in having an initiative that deals directly with issues of financial illiteracy and saving at all levels.
In Zulu we say ‘libunjwa liseva’ meaning we must teach them good values whilst they are young or according to the old proverb, 'As the twig is bent, so grows the tree'" As soon as children starts developing awareness, they are entitled to get all the guidance and information on the reality of the financial world.
She encourages all stakeholders to start financial education early and said parents must also set an example by displaying financial prudence. "Do what you say. Children follow the example set by their parents." The importance of teaching children to save and teaching them the difference between need and want can also never be emphasised enough. MEC Cronjé believes that pocket money or an allowance is a good way of teaching children to plan a budget. "They need to learn the importance of earning money and putting money away."
Let us all assist the KZN Financial Literacy Association to make sure that each and every child in this province reach a certain level of financial literacy. If we don't get it right at this level, how can we expect our future leaders to manage our province and country?" MEC Cronjé said "the establishment of the Association a year ago was timely and a win-win situation for all parties. To date the association has 72 participating entities and they are all encouraged to engage their stakeholders in the topic of Child-Finance as well as create awareness and engagement with the general public including children and youth."
She extended a message of support to four girl learners, who will attend the International Child Finance Summit in the Netherlands from 31 March 2012. This is an initiative of the Young Girls' Network, a newly established Non-Profit organisation and member of the Association. Ithala Bank, another Association member, identified the girls to represent the Province and the Country at the conference.
"Ithala is facilitating their transport and accommodation. We wish them all the best in representing the province and South Africa, and believe that they will come back with lots of valuable information that they can share with their peers," Cronjé said.
Citizens are encouraged to be part of the International Child Finance week in a bid to teach children and the youth of the province to save today for a better tomorrow. MEC Cronjé encourages relevant government and banking officials, parent associations, financial institutions, academic institutions, parastatals, financial non governmental organisation (NGO), schools, community and religious leaders, consumer protection groups, the media, politicians, bloggers and local celebrities to support the International Child-Finance Week, from 15 March to 21 March as well as International Child Finance Day tomorrow, 16 March 2012.
Child Finance day/week is a world wide event, ideally held on the same day in every country. The purpose of this event is to engage stakeholders in the topic of Child Finance as well as create awareness amongst and engagement with the general public, which of course includes children and youth.
Enquiries:
Ntokozo Maphisa (Media Liaison Officer)
Tel: 033 846 6986
Fax: 033 846 6801/2
Cell: 082 773 0937
E-mails: ntokozo.maphisa@kzntreasury.gov.za / ntokozo.maphisa@yahoo.com / ntokozo.maphisa@gmail.com www.kzntreasury.gov.za
