While financial inclusion is still one of the largest issues plaguing the country, the same goes for financial education and literacy.
It is part of the reason why Visa recently announced a partnership with the Financial Services Consumer Education Foundation (FSCEF) to provide approximately R3.35 million in assisting local initiatives when it comes to financial education.
Visa explains that the partnership is specifically focused on two financial education programmes – The Financial Literacy Speech Competition for Schools and the Financial Literacy for Students in Tertiary Institutions.
These programmes are anticipated to reach roughly 7 500 young South Africans.
“Our partnership with Foundation is to drive access to financial education for young people where they are. It further strengthens their pathway to financial inclusion while creating better conditions for financial consumer protection. It is through developing and applying life skills that young people are better able to take control of their money and their future,” explained Carl Manlan – VP for Social Impact for Visa Central and Eastern Europe, Middle East and Africa – regarding the announcement.
Looking a bit closer at the programmes, the Literacy Speech Competition is run by the Financial Sector Conduct Authority (FSCA). It aims to fund consumer initiatives that will help to increase financial literacy and equip people with the information, tools and knowledge required to make smarter financial decisions.
The Competition will see learners from non-fee schools competing later this year, with a National final taking place on the 14th October in Cape Town.
Shifting to the Financial Literacy for Students in Tertiary Institutions, it is aimed at first year students at five local institutions. The programme will be conducted through a range of panel-led discussions from financial education experts. Topics will include money management, debt management and wealth creation, along with tips on starting a business.
Here’s hoping the sizeable funding achieves the goal of financial education locally over the coming months.
