Global Money Week (GMW), set to kick off next week, is a valuable reminder that it’s never too early or too late to improve your financial literacy.
The 12th edition of GMW will take place from 18 to 24 March. The annual global campaign raises awareness about the importance of ensuring that young people, from an early age, are financially aware and are gradually acquiring the knowledge, skills, attitudes, and behaviours necessary to make sound financial decisions.
Here in South Africa, GMW represents the country’s largest co-ordinated financial literacy campaign aimed at motivating and empowering South Africans to become better educated about their finances.
A recent Baseline survey by the FSCA looked at how well South Africans understand money. The survey, which was conducted in 2020 and released in 2022, found that only about 51% of adults are financially literate. It also showed that many adults, 46%, focus on the present rather than saving for the future, and 44% admitted they hadn’t been saving at all. A third of South Africans have no plan for retirement. And even among those who do save, only 26% have enough money set aside to cover emergencies for three months.
Monique Brummer, the operations manager at Moonstone Business School of Excellence (MBSE), says understanding finances is important, particularly when times are tough.
“Knowing how to manage money well helps our country grow. With many people not saving enough, struggling with debt, having less money to spend, and having to deal with the continued financial strain of high interest rates, campaigns like GWM are vital. They help people make smarter decisions about their money,” says Brummer.
MBSE offers three online short courses specifically designed to equip representatives with practical knowledge and skills to navigate the world of finance more confidently:
- Introduction to Goal-based Financial Planning
- Fundamentals of Income Tax and Capital Gains Tax
- Fundamentals of Investment Planning
These courses are geared towards different aspects of money management.
Introduction to Goal-based Financial Planning (4.5 CPD) provides a broad look at goals-based investing. It is aimed at getting learners started on a path towards effective financial planning. By the end of the course, students should have a good grasp of the basics of individual income tax and capital gains tax (CGT). This course costs R509 (including VAT).
Fundamentals of Income Tax and Capital Gains Tax (3 CPD) digs deeper into the principles and processes of calculating income tax and CGT tax for individuals. It’s not a comprehensive study, but a refresher or introduction to these key tax concepts. The price for this course is R339 (VAT included).
Finally, there’s the Fundamentals of Investment Planning course (3.5 CPD), which is all about getting hands-on with financial planning. It covers client engagement, identifying needs and goals, and crafting a solid financial plan with the right mix of assets and products. The cost for this course is R396 (including VAT).
Time is running out to get your CPD points
With only 11 weeks remaining until the current CPD cycle concludes on 31 May 31, individuals needing to meet their CPD hour requirements need to act swiftly.
In terms of the Fit and Proper Requirements (Board Notice 194 of 2017), CPD for regulatory purposes was officially implemented as a requirement. This means advisers must perform CPD activities towards regulatory requirements during a CPD cycle, which is 12 months starting on 1 June of every year and ending on 31 May of the following year. The end of the cycle is therefore fast approaching.
MBSE is a recognised CPD provider and offers programmes – including a wide range of online CPD courses, events, and publications – to assist FSPs, key individuals, and representatives in gaining the relevant CPD hours.
Students at MBSE gain instant access to courses upon payment (by credit card). This means they can begin tackling their required CPD hours for the May deadline right away, offering flexibility and convenience to meet their educational needs.
Contact help@mbse.ac.za for support with CPD courses and Corporate packages.
