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CASH CAN'T BUY LIFE: Sound money management, in particular saving, can be guided by spiritual, ethical and moral values. PHOTO: SIBUSISO MSIBI

 South Africans do not save and it is through consumer education that we will be able to educate them about the importance of savings 

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The two organisations launched the Consumer Education Pilot Project at Kgotso House in Johannesburg's inner city.

The money gurus and SACC have budgeted an estimated R2m to R3m for this project, which will cover six regions in Gauteng.

Chief executive officer Dube Tshidi said the project aimed to assist South Africans to better manage their finances through consumer education.

"South Africans do not save and it is through consumer education that we will be able to educate them about the importance of savings," he said. One of the first issues that the pilot project would like to tackle is the enormous over-expenditure on funerals in South Africa.

"People spend money they cannot afford or getting into debts to pay for funeral expenses is no way to honour the dead. We encouraging our nation to be wise in the way they handle their finances," Tshidi said.

Gauteng MEC for economic development Qedani Mahlangu supports the initiative.

"Lack of saving restrains economic growth in South Africa," Mahlangu says.

SACC general secretary Reverend Mautji Pataki says: "We are worried about how we relate to money. People are more interested in riches and corruption, which break relationships."

Pataki says the SACC's role in this project is to educate consumers about how ethical values, morals and spiritual manners can help instill values in financial management.

"The idea is to enable all people living on South Africa to manage their personal and family financial matters soundly. We are aware that there are unscrupulous financial service providers, and we want South Africans to report such matters to the FSB," says Tshidi.

Project trainer Peter Bosch says that the six trainees appointed by SACC will be trained in basic money management skills that they will import to their communities over the next six months.

It is hoped that the project will go national later this year and more financial institutions will come on board.

Comments

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Mon May 20 05:37:00 SAST 2013 ::

Apr 25, 2012

Lords*creation

How do u save when you practically work for the government to take your money. I opened my payslip today and i found another deduction named Medical Aid Tax Credit, i must have a baby not to pay it cos all my co-workers who have kids didn't get the deduction. When i googled it apparently is for the disabled.

Aowa bathong South Africa reutllweleng tuu and kamo ba busy ka NHI, how much will a person take home and still be able to save in a 3rd world country like SA that introduce all this funny things. Kamo ke e-toll, tjo, i think i must go back to Limpopo, no e-toll, minus one, just gravel road. mxim, wanna move to dubai.
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Apr 25, 2012

MsKinkyakaKamaSutra

How do we save

Income tax, VAT, eskom's increase, fuel price hi.ke, ra.tes and ta.xes (municipality), SABC. The last R100 I have will be going towards, e-tolls, NHI, another petrol hike........ oh forgot Thu.nder Thi.ghs' metro does not have bud.get for their e-tag.... another increase on rates and taxes.......... Sh!t I even had to take off my sho.es to check if the numbers tally.......
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Apr 25, 2012

swona

ministers can save a thousand a month, and tenderpreneurs, but we cant! pay ur house, water and lights, car, petrol, food, now e-toll, school fees! no money for entertainment!
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Apr 25, 2012

dubai

Lords*creation
How do u save when you practically work for the government to take your money. I opened my payslip today and i found another deduction named Medical Aid Tax Credit, i must have a baby not to pay it cos all my co-workers who have kids didn't get the deduction. When i googled it apparently is for the disabled.

Aowa bathong South Africa reutllweleng tuu and kamo ba busy ka NHI, how much will a person take home and still be able to save in a 3rd world country like SA that introduce all this funny things. Kamo ke e-toll, tjo, i think i must go back to Limpopo, no e-toll, minus one, just gravel road. mxim, wanna move to dubai.
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come join me shem, nna ebile ke rekile stand matoks Bohlokwa ka 300. mara what is happening in SA is not healthy shem, and when people k*ill each other they call it crime, government a lebetse gore ke yena the course. People ba ba stressed cause they cant afford n ki*ll patners, eish ya SA
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Apr 25, 2012

MsKinkyakaKamaSutra

@Lords*creation
I hear you

Once got a job offer in Qatar but damn their rules (Sharia Law), I would have been stoned before the ink on my contract was even dry.............
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Apr 25, 2012

Kasiologist

Churches and saving, moneelo o setse le mang?

In an anycase, the amount of taxes levied on people doesnt allow for much savings. ROI also is not worth it, you are better off being an illegal mashonisa than opening a savings account.
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Apr 25, 2012

SKIZOBANTWANA

How can we save.. when we're paying so much for Petrol/Water& Electricity/eTolls/Tax/ect..?

hhhhhhhhh.. how is that possible..?
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Apr 25, 2012

Still_leShandis

- Buya Nkos' uJesu usilande......

- ayikho lento, another petrol hike,e-tolls etc etc, the list goes on.....so what is one saving?
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