Did you know that 70% of income earning South African’s are in debt? And with the arrival of the Coronavirus and downfall of our economy, what then about the financial freedom of our children?
Poor financial decisions can have a long-lasting impact on individuals, their families and society. The causes of the recent financial crisis are complex, but the lack of financial literacy is certainly one of the aggravating factors leading to ill-informed decisions on home loans and credit purchases. Low levels of financial literacy have also been associated with a lower standard of living, decreased psychological and physical well-being and greater reliance on government support.
Financial education can make a difference, says Kathryn Main, Managing Director of Money Savvy Kids. “It can empower and equip young people with the knowledge, skills and confidence to take charge of their lives and build a more secure future for themselves and their families. Supporting financial education can be viewed by the main public, private and civil stakeholders as a critical long-term investment in human capital.”
While the majority of people do not ever rise to a point of complete financial freedom in their lifetimes, some manage to break the mould. Once they reach financial comfort, the aim is to keep the money they have made, and hopefully make it work for them so that it can be of use to future generations. This can only be done by harnessing financial intelligence.
MSK is revolutionising the way financial knowledge is disseminated to younger generations of South Africans. It is questioning the traditional schooling system, which currently produces more followers than leaders. It instils within children – from a very young age – the problem-solving and critical thinking skills they need to make financial decisions now and, in the future, using the analytical skills they learn through the program.
“Financial literacy is a cornerstone of prosperity and security. It builds confidence and knowledge in the lives of individuals and the country as a whole. We cannot address the issues of financial inclusion and equitable and sustainable socio-economic development without addressing financial literacy,” adds Main.
About Money Savvy Kids
Born out of the need to teach our kids that money is something to be understood and respected, Money Savvy Kids (MSK) is the beginning of the end of financial mismanagement and misunderstanding. By combining financial education courses for kids through external school curriculum programs as well as financial education courses online, MSK makes learning easy through fun ways to teach kids money matters.