Financial literacy is not an obligation we can conveniently dump on the authorities – as the direct interface between clients and product providers we have a responsibility to contribute in this regard. The need for such education is much bigger in the lower income segments of the market.
The National Consumer Financial Education Committee (NCFEC) recently launched a monthly newsletter – Money Smart News, aimed at providing important information to help South Africans become better educated about their finances. The newsletter is part of the Money Smart Week South Africa (MSWSA) annual financial literacy initiative, which is scheduled to take place again in March 2021.
From learning about savings, pension funds, insurance and retirement policies to finding out how to earn compound interest and how to avoid being scammed, Money Smart Week will be educating South Africans about how to become smarter with their money.