Money Smart Week South Africa (MSWSA), an initiative of the National Consumer Financial Education Committee (NCFEC), is a financial literacy campaign aimed at motivating and empowering South Africans to become better educated about their finances. MSWSA 2021 took place between 22 and 28 March and comprised a host of online events throughout the week, all of which were live streamed on www.mswsa.co.za, a zero rated platform for the public.
The official theme of Global Money Week this year, which is what our local Money Week South Africa is aligned to, was 'Take care of yourself, take care of your money’. This theme highlights the importance of building financial resilience and staying healthy in the current context of the COVID-19 pandemic. Some of the topics that were unpacked throughout the week included building resilient businesses; being aware of scams and fraud; unclaimed pension funds; responsible use of credit; the importance of retirement and funeral planning; how to budget and why you need to draft a will.
Organisations and individuals from the private sector, government institutions, financial regulators, tertiary education institutions and private training companies shared their knowledge and expertise with as many consumers as possible, with the overall objective of creating a Money Smart South Africa. For all consumers to understand and negotiate the financial landscape, manage risks effectively and avoid financial pitfalls, especially during these difficult times, they require access to information and education.
In addition to the week-long digital campaign, there was also a host of educational interviews and features across community and regional radio stations countrywide aimed at ensuring that this important campaign reached as many South Africans as possible.
The importance of being financially savvy cannot be underestimated – especially against the backdrop of a declining economy and the devastating impact of the COVID-19 pandemic. There is no doubt that financial literacy is essential to the growth and development of our nation. The low savings culture and the failure to service debt, together with a decline in disposable income, and the financial impact of the pandemic, make a campaign such as MSWSA 2021 even more vital to improving the ability of customers to make sound and informed financial decisions.
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