The Financial Planning Institute (FPI) will support National Treasury, the FSCA and the National Consumer Financial Education Committee during Money Smart Week South Africa (MSWSA). MSWSA is an opportunity for organisations or individuals to showcase their financial literacy programmes and activities across South Africa by running various activations during the week of 22-28 March 2021.
The Momentum Consumer Vulnerability Index published at the end of 2020 found that South Africans are more worried about protecting their finances than they are about staying safe against the Coronavirus. While this does nothing to reduce the public health emergency we are facing, it does underline the need for a ‘financial vaccination’ program in South Africa.
“Financial planners and educators aren’t seen as frontline workers, and rightly so,” says Lelané Bezuidenhout, CEO of the FPI. “But we do have a vital role to play in rebuilding our economy.” Which is why the FPI takes its position on the steering committee of the MSWSA initiative so seriously.
What is Smart Money Week?
In a nutshell, it’s an opportunity for all South Africans to learn how to better control their own financial destiny. The official theme of Global Money Week this year, which is what our local Money Smart Week South Africa is aligned to is “Take care of yourself, take care of your money.”.
For seven days, from Monday 22 March to Sunday 28 March, personal finance experts from a wide range of sectors will be sharing their wisdom in a series of online events which will be live-streamed on http://www.mswsa.co.za/, free of charge. Topics range from building awareness of scams and learning how to use credit responsibly through to the importance of retirement planning and learning how to budget.
Subject matter experts will include representatives of relevant NGOs, PBOs, schools, universities and financial institutions. Not to mention professional bodies like the FPI, the SAQA recognised professional body for financial planners and advisers, and its FPIMYMONEY123™ financial education initiative.
More about FPIMYMONEY123™
FPIMYMONEY123™ is a financial education initiative by the FPI that’s delivered by their professional members. It’s based on the FPI’s philosophy of educating yourself, connecting with a guide and enjoying the journey. The program focuses on the basics of personal financial planning, across four critical areas:
- Personal financial management and budgeting
- Dealing with debt
- Understanding savings and investments.
- Creating a financial plan
The program consists of a workshop delivered face-to-face or virtually and is backed by information on www.letsplan.co.za.
FPIMYMONEY123™ urges all South Africans to find a financial guide to help them to better manage their money. “It’s all about fostering a lifelong saving habit,” says Bezuidenhout, “And opening people’s eyes to the benefits of engaging with a qualified and experienced financial planner or adviser.”
Saving is more important than ever before
The findings of the Old Mutual Savings & Investment Monitor: Covid-19 Special Report highlight the fact that Smart Money Week couldn’t have come at a better time for South Africa. With a staggering 57% of South Africans reporting a negative impact on their earnings in the last year, developing a savings culture has never been more important for our country. Especially when you consider that 40% of respondees reported not having enough money to last a single month without a job.
Attending a MSWSA session may help you to change the situation you find yourself in today. Or it could be the spark that ensures that you never get into such a tight spot again. As they say, just one financially literate person in a home can influence an entire generation…
FPi will be hosting a session for teacher close to retirement on 24 March 2021 at 17h00. Details on Facebook and LinkedIn profiles
Contact
Riana Badenhorst mymoney123@fpi.co.za
