MEC Cronjé and MEC Mchunu launch 2012 speech contest on finance
15 May 2012
The Financial Practitioners Development Trust in partnership with the KwaZulu-Natal Financial Literacy Association (KZNFLA) and Department of Education in Durban today launched the 2012 Grade 11 Speech Contest on Finance - a major secondary schools speech contest on finance that offers a great opportunity for learners to learn more about the financial world and their consumer rights.
The speech contest is open to all learners in Grade 11, taking business, commerce and management subjects, inclusive of Mathematics or Mathematical Literacy. Learners who take the latter must at least achieve between 70% and 79% (level 6) on the performance rating scale.
The topics for 2012 are:
TOPIC 1: I want to be a Financial Planner
DESCRIPTION: What does financial planning (FP) entail? What role does FPs play in the financial well-being of society? Why FP should be chosen as a career and what it takes to become a FP? What are the aspects of good financial advice and how it can help you /ensure a better tomorrow AIM OF THE TOPIC: To create awareness about the importance of FP in the financial wellness and wellbeing of citizens and, encourage more people to choose FP as a career option.
TOPIC 2: Treating customers fairly
DESCRIPTION: What is the key to rebuilding public trust and confidence in the financial services industry? What regulatory steps are being taken to ensure that the financial industry treats customer fairly?
What should be the ethical considerations for financial service providers when dealing with clients and potential clients?
AIM OF THE TOPIC: To provide insights into how the responsibility that the industry have to treat client’s and potential clients in a fair and honest way and to be transparent and open in their dealings.
TOPIC 3: Financially literate consumers: A blessing or curse?
DESCRIPTION: What is a financially literate consumer? Does it help a consumer to decide to buy on credit or not and where and when to invest? Does it turn consumers away from gambling? Will financial service provider benefit from financially literate consumers or not?
AIM OF THE TOPIC: To create awareness around the importance of financial literacy and how it can assist consumers to make sound and informed financial decisions and not be duped by unscrupulous service providers.
Schools must prepare learners to compete at school, ward, circuit and district level before the provincial level is reached.
MEC for Finance, Ms Ina Cronjé, the champion of the KZNFLA, said the days that finance is regarded the topic of a selected few are gone.
“We want to see every household, young and old people in the Province understanding money matters. In addition to promoting financial literacy among young people, the competition also promotes careers in the financial services industry, which faces a shortage of young blood.”
Speaking at the function MEC for Education, Mr Senzo Mchunu said that the department will support initiatives to promote financial literacy among the youth.
“I encourage all the schools that offer these subjects to participate.
Not only will it help our learners but it will assist the Department to realise its vision of integrating theory and practice as an important principle in the National Curriculum,” said MEC Mchunu.
Chairman of the Financial Practitioners Development Trust, Artwell Hlengwa, the founder of this competition and the In School Youth focus group leader of the KZNFLA, said a huge benefit of the contest is the fact that it involves entire schools, as the learners have to address all the learners at their schools before the winners move to the ward levels. “In the process everybody learns about consumer rights, available support systems, insurance as investment and financial concepts.”
The speech contest had been running for a number of years in some circuits of the Ugu district by Hlengwa and some stakeholders. The Financial Practitioners Development Trust was consequently established and in 2011 the Trust joined the KwaZulu-Natal Financial Literacy Association, which was established on 25 January 2011 under the auspices of KZN Finance MEC Ina Cronjé. With the assistance of the KwaZulu-Natal Financial Literacy Association the speech contest was extended to grade 11 learners at 960 public high schools in all 12 districts. Twelve finalists (one from each district in KZN) competed in the final round of the 2011 competition.
Hlengwa expressed his gratitude to the KZNFLA stakeholder groups, the Financial Planning Institutions, INSETA, the Financial Services Board and the KZN government departments. “We cherish these partnerships. It is important for our generation that is in the finance sector to ensure that we pass on our financial skills to our young generation because it will be our young people who are entrusted to carry it to future generations. This makes it imperative for our young learners to develop the financial knowledge, skills, attitudes, and behaviours that will help them make sound financial decisions today and throughout their lives,” he said.
Learners and schools can win great prizes, including a bursary for a degree in Financial Management Studies; a relevant degree at PC Training and Business College, as well as laptops, television sets mini home theatres, etc. Post Bank will also offer an amount in post bank accounts.
The circuit finals should have taken place by 18 August, the district finals by 31 August and the provincial finals and award ceremony will take place mid-September. Subject advisors will furnish schools with further details.
For more information please contact:
Cell: 071 687 8777
Cell: 072 207 2018
Issued by: KwaZulu-Natal Provincial Treasury
15 May 2012
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