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South Africa: National Youth Financial Literacy Day
Source: SA - the Good News
Source Date: Monday, June 24, 2013
Country: South Africa
Created: Jun 24, 2013

Ingrid Goodspeed, Chief Director: Financial Sector Development at National Treasury will be the key note speaker. Other speakers on the day will include the Johannesburg Stock Exchange, National Credit Regulator, Financial Planning Institute and Mamepe Capital.
South Africa continues to rate poorly in terms of savings among adults and youth. The Banking Association released stats saying approximately 70% of adult South Africans do not save. Youth make up 52% of the total population therefore behavioural change of the youth has to be influenced from an early age.
The financial literacy baseline study undertaken by the Financial Services Board in the second half of 2011 revealed some interesting statistics about young people aged 16 -19 years:
• the majority of young people (51%) would prefer to spend money than save it
• the majority of young people (55%) never enjoy dealing with financial matters
• young people are least likely to stay within their budgets
• young people are most likely to have no idea at all or do not know how much spending money is available
• young people are significantly less financially literate than the older age groups.
National Treasury believes, “young people who grow up understanding money and financial matters will thrive in life. Financial literacy is a critical requirement for modern life and the sooner our youth acquire good money habits the better. Young people need to understand the difference between what they need and what they want; the importance of savings and the need to start saving when they’re young; how to manage their money and use debt responsibly (for example do not accept store and credit cards when they have no means to repay them) and deciding whether and how to invest in university or higher education”.
“The information provided at the event will ensure youth have the necessary knowledge to make informed decisions and highlight the importance of saving and investing to leave a lasting legacy. The National Youth Financial Literacy Day also aims to expose the youth to the investment markets which will enable them to have sound financial habits,” says JSE Zeona Jacobs, JSE Director: Issuer Services and Investor Relations.
According to Alfred Matsimbi, Education and Communication Officer of the National Credit Regulator, “It is of critical importance for all South Africans, young people included to know their financial and credit responsibilities and also their rights as spelled out in the National Credit Act (NCA), Act No 34 of 2005.”
“It is the responsibility of all financial institutions in South Africa to prepare youth to make sound financial choices. The decisions they make today will impact their future tomorrow. The JSE hopes the initiative goes a long way in ensuring this,” concludes Jacobs.
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