Third National Youth Financial Literacy Day to be Observed in South Africa

The motivation behind the annual observance of National Youth Financial Literacy Day (NYFL) is increasing financial literacy among South African youth. This year on June 13, the Johannesburg Stock Exchange (JSE) will again lead the implementation of events in cooperation with financial organizations and institutions in the country. This is the third consecutive year that the NYFL Day will be observed in South Africa.

NYFL 2013 is taking place at two locations, namely the Ditsong National Museum of Cultural History in Pretoria and in the province of Kwa-Zulu Natal.

Events for the youth

All members of the youth sector are targeted in the prepared events, particularly young entrepreneurs as well as students in high school and those studying in the university. Youth from all walks of life are enjoined to participate in workshops with a diverse array of interesting topics related to personal finance.

One particular workshop that young entrepreneurs might find useful is diversifying one’s investment portfolio with the help of exchange traded funds. Some of the other topics included in the line-up will discuss pertinent issues such as protection and maintenance of a healthy credit status and debt management and life planning to attain financial freedom.

Speakers share invaluable knowledge

The invited speakers who will share their expertise and experience with the young participants are affiliated with Financial Planning Institute, National Credit Regulator, and Mamepe Capital. Financial advisers and officials from the Johannesburg Stock Exchange are also on the roster. The keynote will be delivered by the National Treasury Chief Director of the Financial Sector Development, Ms. Ingrid Goodspeed.

The speakers will be imparting information to the youth that will help them make informed decisions with regard to their personal finances. The speakers will also be highlighting the relevance and significance of saving and investing in leaving a legacy that lasts. In addition, the events of this year’s NYFL Day will provide young South Africans the opportunity to become exposed to investment markets and instill in them the foundations of sound financial habits which will guide them into adulthood.

Save at an early age

The Banking Association has determined that around 70% of South African adults are not in the habit of saving money. In terms of savings in both young persons and adults, the percentages are dismal for South Africa compared to other countries. It has been determined that young people in South Africa need to know more about financial literacy so that they acquire good money habits.

One of the issues identified for the youth to be informed is how to be responsible with debt, like how to respond to credit card offers based on their ability to pay off credit. Another area that the youth need to be aware of is how to make decisions with regard to investing (or not) on higher education as a career path.

Hope for the future

At present, the youth comprises more than 50% of the population of South Africa. This is the reason why the organizers of the annual National Youth Financial Literacy Day want to instill in them the importance of savings. They believe that the behavior change needs to be influenced at an early age rather than during adulthood. The National Treasury for one believes that young South Africans who grow up with a clear understanding of financial matters and money have better chances to thrive in life.

Photo Credit: The Johannesburg Stock Exchange