Creating a Money Smart South Africa

Young African Couple Lying On Carpet Invoice With Calculator

The importance of being financially savvy cannot be underestimated, especially against the backdrop of a declining economy and the devastating impact of the COVID-19 pandemic. There’s no doubt that financial literacy is essential to the growth and development of our nation.

Momentum and Unisa’s Consumer Financial Vulnerability Index, published late last year, revealed that consumers were more worried about their finances than contracting the Coronavirus.

Consumers need access to information and education to be able to understand and negotiate the financial landscape, manage risks effectively and avoid financial pitfalls, especially during these difficult times.

Money Smart Week South Africa (MSWSA), an initiative of the National Consumer Financial Education Committee, is a financial literacy campaign aimed at motivating and empowering South Africans to become better educated about their finances.

The theme of MSWSA 2021, like that of Global Money Week, is “Take care of yourself, take care of your money”. This theme highlights the importance of building financial resilience and staying healthy in the current context of the COVID-19 pandemic.

What you’ll learn

Some of the topics to be unpacked throughout the week includes building resilient businesses, being aware of scams and fraud, responsible use of credit, the importance of retirement and funeral planning, how to budget and why you need to draft a will.

Organisations and individuals from the private sector, government institutions, financial regulators, tertiary education institutions and private training companies will share their knowledge and expertise with as many consumers as possible, with the overall objective of creating a Money Smart South Africa.

In addition to the week-long digital campaign, there will also be a host of educational interviews and features across community and regional radio stations countrywide. This will ensure that this important information reaches as many people as possible.

Who will benefit from MSWSA 2021?

It’s for everyone, but will be particularly beneficial for:

  • Young people who are interested in learning more about financial management
  • First-time and current financial product users
  • Small business owners and entrepreneurs
  • Pre-retirees and those who have retired
  • Low- to middle-income households
  • Grant recipients

In addition, any organisation, institution or individual across various sectors including financial institutions, non-governmental organisations, public benefit organisations, companies, schools, universities and communities are invited to apply to host a digital event and to join this national collaboration to expand financial education in South Africa.

When is it happening?

MSWSA 2021 is taking place virtually between the 22nd and 28th of March, and will consist of a host of online events throughout the week, all of which will be live streamed on the MSWSA website.

What costs are involved?

Absolutely none! It’s free for everyone.

Why you shouldn’t miss MSWSA 2021

SA’s poor savings culture and the failure to service debt, together with a decline in disposable income, and the financial impact of the pandemic, makes a campaign such as MSWSA 2021 even more vital to help everyone make sound and informed financial decisions.

After all, one financially literate person in a home can influence an entire generation.

Follow Money Smart Week South Africa on Facebook, Twitter and LinkedIn. The full programme of events and topics to be covered will be available on the MSWSA website shortly.

If you have any queries or want to know more, please email info@mswsa.co.za.

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