By Mamudupi Mampuru – Consumer Education Department (FSCA)
As financial literacy is the cornerstone of personal empowerment, the FSCA’s Consumer Education Department spearheads an initiative aimed at bolstering financial literacy among tertiary students across South Africa.
Understanding the persistent need
Tertiary students encounter a multitude of financial decisions that can significantly impact their futures. From managing student loans and bursary funds to balancing everyday expenses, the demand for financial literacy remains present throughout their years of study.
Without proper guidance, students risk falling prey to debt traps and making uninformed financial decisions that can compromise their academic and personal lives.
Building on ongoing success
Bolstered by the ongoing success of past and ongoing initiatives, the FSCA employed a multifaceted approach encompassing interactive seminars and workshops to equip students with the practical skills and knowledge needed to navigate the financial landscape competently.
The project's ongoing objectives
The Financial Literacy for Tertiary Students seeks to recognise students’ evolving needs by delving deeper into topics such as wealth creation, entrepreneurship and financial planning for the future. These critical areas were identified as critical to help students thrive in the ever-changing economic landscape. In the Financial year 2023/24, the project extended its reach to eight universities across South Africa, which included the following:
- North-West University (NWU)
- Rhodes University in the Eastern Cape
- the Western Cape’s Stellenbosch University
- University of Limpopo (UL)
- University of Johannesburg (UJ)
- University of Free State (UFS)
- University of KwaZulu Natal (UKZN)
- Sefako Makgatho University in the North-West.
Continued collaboration for success
Central to the project's success is the collaborative approach where the FSCA invites key stakeholders to participate. They include entities such as the National Credit Regulator (NCR), Credit Bureau Association (CBA), the Small Enterprise Development Agency (SEDA) as well as the universities themselves. Through collective efforts and shared expertise, this collaboration ensures that students receive comprehensive and up-to-date information on financial matters.
Addressing persistent concerns
Reflecting on ongoing engagement with students, project leader in charge of Consumer Education Relations, Ephraim Kgosana emphasises the enduring demand for financial education:
“Through constant interaction and feedback sessions based on the Monitoring & Evaluation processes, we continue to witness first-hand the positive impact of financial literacy on students' lives such as improved budgeting skills and heightened awareness of financial pitfalls.”
Frequently asked questions from students continue to centre around common financial challenges, such as managing finances on a limited budget, managing debt and improving credit scores. By providing tailored guidance and support, the project seeks to address these concerns head-on and empower students to take control of their financial futures.
“It is encouraging to see students embracing financial education as a tool for empowerment”, said Kgosana.
Looking ahead: a vision for tomorrow
The initiative is about to enter another year of operation as the FSCA continues to invest in financial education. This shows the FSCA’s commitment to laying the foundation for a financially prosperous future for all. The mission to empower tomorrow's leaders with the knowledge and skills needed to navigate the financial landscape successfully remains a priority.
As observed by American financial literacy guru Vince Shorb, “College graduates spend years gaining skills that will help them command a higher salary; yet little or no time is spent helping them save, invest and grow their money.”
Together, we can shape a future where financial literacy is not just a skill but a pathway to opportunity and prosperity.
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