Johannesburg Stock Exchange (JSE) and KwaZulu-Natal Financial Literacy Association (KZNFLA) equipping youth with financial literacy
11 Oct 2012
The Johannesburg Stock Exchange, in partnership with the KwaZulu-Natal (KZN) Financial Literacy Association (including Visa Sub-Saharan Africa, Ithala Bank, and the Provincial Treasury), will tomorrow on Friday, 12 October 2012 at 9h00 at Olive Convention Centre, Main Auditorium, 81 Somtseu Road, in Durban, host the National Youth Financial Literacy Day.
Ina Cronjé, MEC for Finance in KwaZulu-Natal, will be the key note speaker.Other speakers will include speakers from the National Credit Regulator, the Financial Planning Institute, STRATE, The Banking Association of South Africa, while Visa Sub-Saharan Africa will stage a show on financial literacy. This one day summit targets high school pupils and university students, young entrepreneurs and other youth. The event will be attended by 350 young people.
Speaking ahead of the one day ceremony the Johannesburg Stock Exchange (JSE) director Geoff Rothschild said that this event is aimed at drawing young South Africans into the country’s economy by giving them more knowledge about the way in which it operates.
“It will equip youth with the necessary knowledge to make informed decisions and highlight the importance of saving. 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. We feel that it is our responsibility to develop investment and saving savvy South African youth and we hope that this initiative goes a long way in ensuring this,” continued Rothschild.
Also speaking ahead of the event MEC Cronjé, the champion of the KZNFLA said: “This is a very important partnership with the KZN Financial Literacy Association. We want to use this summit to discuss financial concepts with our youth and encourage them to go back home to discuss the concepts with their parents and their peers so that families can start planning together for their financial future. The message is clear: Save and Invest Money. Early,” Cronjé said.
KZN has just welcomed the outcomes of a national financial literacy survey, conducted by the Human Science Research Council and commissioned by the Financial Services Board. The study showed that KwaZulu-Natal is one of the leading provinces in financial literacy in the country.
According to Manala Botolo of the National Credit Regular, South Africa has a very poor savings rate and need to instill behavioural changes today that will impact on their future financial freedom.
The Banking Association of South Africa estimates that 70% of adult South Africans do not save. Youth make up 52% of the total population therefore they have to be influenced from an early age to make a change in behavioural patterns.
“We are committed to equipping our youth with the basics of financial education and money management skills to ensure that they grow up to be ‘money smart’ and have the knowledge, requisite skill set and confidence to be financially astute and independent,” says Cas Coovadia of the Banking Association of South Africa who will be speaking at the event.
Also speaking at the event will be Ms Yvonne Zwane from Ithala Development Finance Corporation, who will be talking about the importance of Small, Medium and Micro Enterprises (SMMEs) to incorporate saving from inception.
- 8h00 - 9h00: Registration
- 9h00 - 9h05: Opening & Welcome, Geoff Rothschild, Head: Government & International Affairs, Johannesburg Stock Exchange
- 9h05 - 9h20: Keynote Address, Ms Cronjé, MEC for Finance: KZN Treasury
- 9h25 - 10h05: Overview of the South African Securities Depository Strate as a Key Financial Market Infrastructure, Leigh Bavis, Head: Stakeholder Relations & Training, STRATE
- 10h15 - 10h35: Tea
- 10h35 - 11h15: Money Smart Mzansi Youth, (TBC) The Banking Association South Africa
- 11h25 - 12h05: Your Financial Freedom depends on your Credit Behaviour Today, Lebogang Selibi, Media Relations Officer: National Credit Regulator
- 12h15 - 12h55: The Youth and Investing Culture, Waldemar Budel, Communications Officer, Johannesburg Stock Exchange
- 13h05 - 13h50: Lunch
- 13h50 - 14h40: Financial Literacy Show, Visa, Sub-Saharan Africa
- 14h45 - 15h15: How to Become Financially Free, Prem Govender, Board Member: Financial Planning Institute
- 15h20 - 15h50: (TBC), Yvonne Zwane: Group CEO, Ithala Development Finance Corporation
- 16h00 - 16h05: Closing Remarks
For more information please contact:
Cell: 071 687 8777
Cell: 083 395 0350
Issued by: KwaZulu-Natal Provincial Treasury
11 Oct 2012
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