Money School addresses low financial literacy amongst SA youth

Money School addresses low financial literacy amongst SA youth
Duma Mxenge, Business Development Manager at Satrix

One financially literate person in a home can influence an entire generation. Given that as many as 49% of South Africans are deemed financially illiterate, improving financial literacy amongst our youth can play a significant role in improving their ability to make sound and informed financial decisions.

It is precisely for this reason that the Money School was conceptualised. This is a virtual learning platform with interactive lessons that are livestreamed to a learner base of over 45 schools throughout South Africa.

Due to the success of the first Money School held last year, this free, nine-week programme is being run again this year, with Satrix again coming on board as a headline sponsor.

Children who are provided with good financial education as they grow up are less likely to get into debt and are better prepared to save and invest. Duma Mxenge, Business Development Manager at Satrix, says that this is the primary reason why South Africa’s leading index-tracking and ETF provider is partnering with the Money School again.

“At Satrix, we are passionate about educating South Africans about investing; and showing that investing is easily accessible, affordable, and a powerful tool for people to become financially resilient and to create wealth,” says Mxenge. “If the core principles of growing wealth, rather than living beyond your means, can be landed early, an individual’s financial journey can be a very successful one.”

Money School sees highly relevant financial literacy content delivered by financial experts aimed at Grade 11 and 12 learners at predominantly quintile 1-3 schools nationwide. The programme is centred around the basic financial skills and concepts of investing as well as budgeting, saving and managing debt.

These sessions provide learners with vital financial tools needed in everyday life, an invaluable skillset to make them financially knowledgeable future decision makers.

Research conducted by the Financial Sector Conduct Authority in 2022 revealed that only 5% of South Africans will be able to retire comfortably, and that only 16% understood the concept of inflation.

An understanding of basic financial concepts not only enables young South Africans to better navigate their personal financial futures but is also essential for those wanting to become small business owners.

And with small businesses contributing up to 34% of the total GDP and growing, encouraging successful entrepreneurship goes hand-in-hand with better financial education amongst those nearing the end of their school career.

Through appropriately crafted financial literacy programmes like Money School, the financial behaviour of young individuals can be moulded so that they’re prepared to meet long-term financial objectives in future, such as investments, insurance, financial planning, retirement, and credit solutions.

Any schools or individuals interested in signing up for Money School, launching on 12 October, can contact 011 467 3341 or email [email protected].