The pandemic affected us in different ways. So many people lost loved ones while some had to make do with salary cuts for months and others lost their jobs.
Despite all the tragedies we experienced, there are so many lessons it left us with. One of those is that we have to plan for any eventuality.
Among those are understanding your finances, making better money choices, reducing expenses, managing debt and ensuring you have future savings.
This will go a long way.
To be able to get through tough times, one needs to put plans in place now as suggests the theme for the third Money Smart Week SA (MSWSA) – Build your future, be smart about money.
MSWSA, an initiative by the National Consumer Financial Education Committee (NCFEC), a committee established to secure active involvement, collaboration and coordination of various stakeholders in consumer financial education, started on Monday and will run until Sunday.
It is chaired by National Treasury, with the campaign aimed at motivating and empowering citizens about their financial wellbeing. This includes being more educated about their finances, learn about money matters, livelihoods and entrepreneurship, says the NCFEC.
“MSWSA is the country's largest coordinated financial literacy campaign aimed at motivating and empowering South Africans to become more educated about their finances,” says chairperson of the MSWSA steering committee Khulekani Mathe.
Financial Sector Conduct Authority commissioner Unathi Kamlana, who gave a keynote address at the launch of MSWSA recently, says the campaign is important because it will open so many important doors of learning about finances and choice-making for people.
“Effective financial inclusion strategies supported by consumer awareness and education programmes can really help drive financial wellness. Many of us need to be weaned off excessive, unhealthy and disruptive reliance on credit,” Kamlana says.
“Good money habits are not learnt overnight. Every effort should be made by all role players to inform the public about these matters and the process to access financial products, services and investments, as well as any associated benefits and risks.
“Platforms like the MSWSA2022 and other financial education initiatives serve directly to assist the public in this regard.”
Importantly, he says “an informed, financially literate consumer is an empowered citizen”.
“So, taking financial education to the people is a paramount duty, not only for us as regulators but also financial institutions,” Kamlana says.
Chairperson of NCFEC Seipati Nekhondela adds that the campaign is “a way of reaching large audiences, conveying financial education messages more inclusively and highlighting financial management as an integral part of our lives”.
The Financial Planning Institute of Southern Africa (FPI) is among organisations participating in MSWSA.
“…Part of the overall learnings of the campaign will include learning how to obtain informed financial advice from qualified professionals. This is an important initiative for society as everyone is affected by finances. The FPI’s goal is to encourage everyone to take control of their finances and safeguard theirs and their family’s future. One financially literate person in a home can influence an entire generation.”
MSWSA says dozens of participants, including training institutions, government departments, corporations, regulatory authorities and organisations bringing financial education to people have registered for MSWSA2022.
“Such collaborations are necessary to increase consumer financial literacy and strengthen consumers' financial capability,” the committee says.
Participants across the country “will bring financial education initiatives to consumers in their respective communities, in their native languages, places of work, on virtual platforms and outdoor events.”
Other participants have workshops planned and have made available financial advisors to help you with your finances.
* More details of where participants will be and topics they will be tackling are available on www.mswsa.co.za and on MSWSA social media pages
mashabas@sowetan.co.za
Role players teach consumers about financial literacy
'This is vital for society as everyone is affected by finances'
Image: 123RF
The pandemic affected us in different ways. So many people lost loved ones while some had to make do with salary cuts for months and others lost their jobs.
Despite all the tragedies we experienced, there are so many lessons it left us with. One of those is that we have to plan for any eventuality.
Among those are understanding your finances, making better money choices, reducing expenses, managing debt and ensuring you have future savings.
This will go a long way.
To be able to get through tough times, one needs to put plans in place now as suggests the theme for the third Money Smart Week SA (MSWSA) – Build your future, be smart about money.
MSWSA, an initiative by the National Consumer Financial Education Committee (NCFEC), a committee established to secure active involvement, collaboration and coordination of various stakeholders in consumer financial education, started on Monday and will run until Sunday.
It is chaired by National Treasury, with the campaign aimed at motivating and empowering citizens about their financial wellbeing. This includes being more educated about their finances, learn about money matters, livelihoods and entrepreneurship, says the NCFEC.
“MSWSA is the country's largest coordinated financial literacy campaign aimed at motivating and empowering South Africans to become more educated about their finances,” says chairperson of the MSWSA steering committee Khulekani Mathe.
Financial Sector Conduct Authority commissioner Unathi Kamlana, who gave a keynote address at the launch of MSWSA recently, says the campaign is important because it will open so many important doors of learning about finances and choice-making for people.
“Effective financial inclusion strategies supported by consumer awareness and education programmes can really help drive financial wellness. Many of us need to be weaned off excessive, unhealthy and disruptive reliance on credit,” Kamlana says.
“Good money habits are not learnt overnight. Every effort should be made by all role players to inform the public about these matters and the process to access financial products, services and investments, as well as any associated benefits and risks.
“Platforms like the MSWSA2022 and other financial education initiatives serve directly to assist the public in this regard.”
Importantly, he says “an informed, financially literate consumer is an empowered citizen”.
“So, taking financial education to the people is a paramount duty, not only for us as regulators but also financial institutions,” Kamlana says.
Chairperson of NCFEC Seipati Nekhondela adds that the campaign is “a way of reaching large audiences, conveying financial education messages more inclusively and highlighting financial management as an integral part of our lives”.
The Financial Planning Institute of Southern Africa (FPI) is among organisations participating in MSWSA.
“…Part of the overall learnings of the campaign will include learning how to obtain informed financial advice from qualified professionals. This is an important initiative for society as everyone is affected by finances. The FPI’s goal is to encourage everyone to take control of their finances and safeguard theirs and their family’s future. One financially literate person in a home can influence an entire generation.”
MSWSA says dozens of participants, including training institutions, government departments, corporations, regulatory authorities and organisations bringing financial education to people have registered for MSWSA2022.
“Such collaborations are necessary to increase consumer financial literacy and strengthen consumers' financial capability,” the committee says.
Participants across the country “will bring financial education initiatives to consumers in their respective communities, in their native languages, places of work, on virtual platforms and outdoor events.”
Other participants have workshops planned and have made available financial advisors to help you with your finances.
* More details of where participants will be and topics they will be tackling are available on www.mswsa.co.za and on MSWSA social media pages
mashabas@sowetan.co.za
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