KZN Treasury moves to dispel financial illiteracy

By Kemantha Govender

Durban - The KwaZulu-Natal Provincial Treasury wants a financially literate population and is stopping at nothing to achieve that goal.

A Provincial Steering Committee, made of up representatives from the department, NGOs and private sector, was launched to address financial illiteracy in the province.

The committee will, among other things, plan financial literacy initiatives to ensure that all target audience groups are reached.

Last December, the department visited different parts of KwaZulu-Natal to educate people about the importance of saving money and becoming smarter about their spending habits.

Department spokesperson Musa Cebisa told BuaNews that during the various campaigns, people admitted that they do need assistance with money matters.

"We have always got a positive reaction from people with the financial lessons we offer. They admitted that they have poor spending habits and need the education to help themselves," said Cebisa.

The Provincial Steering Committee will target the youth, who are often young parents and tend to live beyond their means.

Premier Zweli Mkhize's wife, Dr May Mashego, who endorsed the launch of the Steering Committee, said it would be advisable for these initiatives to be rolled out in schools so that children can learn the art of using money while still young.

Cebisa said the provincial treasury will consider getting the Education Department on board at a later stage to incorporate financial education in schools. Meanwhile, academics are working with the treasury department to assess the impact of the financial education programmes and how better to assist the target audiences.

The committee is made up of representatives from around the country and include Standard Bank, Absa, Capitec, First National Bank, Nedbank, Financial Services Board, Banking Association, Black Management Forum, Centre for Adult Basic Education, South Coast Chamber of Commerce and Industry, Christian Coalition, Artwell and Associates, Morar Incorporated and You and Your Money.

"We know that banks have their individual saving programmes but they have been brought to the party for their expertise and hopefully financial support. We would like to see one platform - government and the private sector - that provides financial education to the people," said Cebisa.

MEC for Finance Ina Cronje said: "I am glad we have launched a committee to embark on financial literacy education. I am actually excited that we have gotten to this stage where we get experts from specialist organisations that are passionate about this campaign as much as we are as government."

She said financial illiteracy is not only limited to poor people, but many were affected by this. - BuaNews