Global Money Week (GMW) officially launched on Monday with an event live streamed from Paris featuring a high-level panel of global leaders and public authorities providing key insights on how to advance financial literacy and education in the current challenging environment.
Money Smart Week South Africa, the South Africa’s largest co-ordinated financial literacy campaign which also launched on Monday coincides with Global Money Week, an annual financial awareness campaign built to inspire children and young people to learn about money matters, livelihoods and entrepreneurship. Since its launch in 2012, GMW has reached more than 40-million children and youth in 175 countries worldwide.
When asked what some of the key financial challenges of the pandemic are for young people in South Africa, Olano Makhubela, acting Commissioner of the South African Financial Sector Conduct Authority (FSCA), said that the biggest challenge currently is that of unemployment. Findings of a survey conducted by the University of Cape Town confirm this challenge. According to the 2020 survey,60% of young people aged between 18 and 34 in South Africa are “very worried” about COVID-19, with many of them uncertain about the future and if there will be jobs for them. This situation was also re-iterated by President Cyril Ramaphosa in his recent address to the nation when he said that COVID-19 has exacerbated the problems that young South Africans face and that youth unemployment is the country’s “greatest challenge”.
But how do we help the youth who are innovative to start a business to navigate these difficult times? At the launch event, Makhubela spoke about the need to evolve South Africa’s current financial education models, to provide more practical financial guidance to equip and empower our youth to start and manage their own business during difficult circumstances.
He emphasised that financial literacy is essential to the development and growth of the nation, and particularly, the youth. “For consumers to be able to understand and negotiate the financial landscape, manage risks effectively and avoid financial pitfalls, especially during these difficult times, they require access to information and education,” he says, explaining that financial education campaigns such as Money Smart Week South Africa exist to provide the know-how to improve the ability of consumers to make sound and informed financial decisions.
Money Smart Week South Africa events include sessions on Mastering your Finances, How to Budget and Save, Black Tax and family responsibility, as well as member rights and responsibilities when it comes to Medical Aid. Go to www.mswsa.co.za for more information.
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