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Money Smart Week – Educating the consumer to become money smart

Money Smart Week South Africa 2020 will take place from 23 to 28 March. In a recent tweet the FSCA asked: “What will you be doing to help improve financial literacy and help build a money smart South Africa? “

Ms Olaotse Matshane, Chief Director Financial Sector Development Unit at National Treasury notes that “when consumers are able to confidently make well-informed financial decisions, their sense of financial wellbeing and their quality of life improves. This in turn, contributes to responsible and sustainable financial inclusion, empowerment of consumers and small business owners to meaningfully participate in the financial sector in a safe and secure way. We all benefit when levels of financial literacy improve”.

In an effort to highlight financial education as an integral part of everyone’s lives and convey financial education messages more inclusively, National Treasury in collaboration with the Financial Sector Conduct Authority and the National Consumer Financial Education Committee originally launched a pilot awareness campaign designed to promote financial education called Money Smart Week South Africa (MSWSA) in 2018. This initiative is aimed at educating consumers about the best financial practices and management and empowering them to get motivated about improving their personal finances.

In contrast to the pilot initiative in 2018 which only targeted Gauteng, MSWSA 2020 will be implemented nationally. The objectives of MSWSA 2020 are to make the general public aware that; financial education is accessible and readily available; qualified institutions and individuals exist to provide informed advice; and controlling their financial situation can have a significant impact on their future, demonstrated through facets of everyday life.

“Money Smart Week is therefore an opportunity for organisations or individuals to showcase their financial education programs and activities across the country by running events during the week of 23 to 28 March 2020,” Advocate Dube Tshidi, Executive Officer of the FSCA says. “Whether you are a community group, financial services provider, regulator, policy maker or consumer financial educator, we want you to join this national collaboration to expand financial education in South Africa. I urge you to play your part in contributing to a more financially literate country. After all, one financially literate person in a home can influence an entire generation.”

Click here to read more about Money Smart Week.

Click here to view a video what FSCA’s Executive Officer, Adv. Dube Tshidi had to say about MSWSA

The FSCA also recently relaunched its financial education website, click here to view.

Click here to read more about SAIA’s successful launch of the third series of its Consumer Education Radio Programme.

Perhaps consideration should be given to including financial literacy in the school curriculum? While all the awareness campaigns are commendable, one has to wonder about its effectiveness, and educational value Focus should not be on busyness, but the business of real and lasting education.

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