Financial literacy and consumer education have become a significant complement to market conduct and prudential regulation. Therefore, SAIA seeks to continue enhancing financial knowledge and understanding of future financial sector consumers with the intention of improving their confidence when making financial decisions and interacting with the sector products and services.
According to the Organisation for Economic Cooperation and Development (OECD)/ International Network on Financial Education (INFE) Policy Guidance, challenges and case studies on financial education for youth and in schools published in December 2012, younger generations will encounter increasing individual financial risks and will have to deal with more complex financial products in future. Moreover, the youth has transpired to be engaging with the financial sector before formal employment through access to various financial services and products being available to their target market segment.
Therefore, SAIA has identified the need to entrench financial literacy at an early stage, by launching the “Know Your Cash” campaign which is aimed at reaching and impacting students at all levels of tertiary education. The campaign focuses on preparing the identified target market segment by equipping them with the knowledge and understanding of the financial sector, its services and products, further promoting a culture of financially savvy young adults.
The campaign launched at the University of Johannesburg, Auckland Park and Soweto Campus, and will proceed to two Technical and Vocational Education Training (TVET) colleges in Gauteng and later continue to universities in Limpopo and Kwa-Zulu Natal. Covering the following financial topics:
- Budgeting–Keeping track of income and expenses,
- Consumer purchasing behaviours,
- Saving towards financial goals,
- Good debt vs bad debt,
- Credit agreements and debt management,
- Identifying financial risks and risk mitigation through insurance products,
- Income maximisation through various income generating streams.
The campaign was supported with content distribution through campus radio adverts and interviews, including a vast online presence which drew students to be present at our campus activations. These will be later followed by face-to-face seminars during the second semester, as a follow up on student engagement with the topics and determine if there is any impact that can be demonstrated from the campaign.
We invite members to attend the campaign, campus activation, seminars or provide their expertise to ensure the success of this initiative and participate in preparing the industry’s future consumers.
For more information contact:
Zanele Gigaba, SAIA Transformation Manager