CRAZY WAYS TO SAVE

July is Savings Month in South Africa and this year, the focus is firmly placed on engaging the youth with the theme, #crazywaystosave.

The South African Savings Institute (Sasi), with support from Absa and the Industrial Development Corporation, launched July Savings Month at The Maslow Hotel, Sandton on 26 June, with discussions sparking a national conversation on how everyone can find ways to save.

The discussion was facilitated by financial journalist Arabile Gumede and featured leading voices in personal finance including finance coach, Mapalo Makhu from Women and Finance; award-winning personal finance journalist Maya Fisher-French; Samke Mhlongo from Chief Executive of The Next Chapter (TNC) Wealth Partners; Nicollette Mashile from Financial Fitness Bunny and Sasi acting CEO and My Money author, Gerald Mwandiambira, to provide tangible savings insights.

Sasi Chairperson, Prem Govender and Sasi director Basil Maseko. Photo: Itumeleng Komana

Sasi chairperson, Prem Govender first gave statics that opened the floor for discussion,” South Africa’s household saving rate has declined to -0.5 per cent of the Gross Domestic Product, while our household debt as a percentage of disposable income is currently 71.9 per cent, meaning that for every rand earned, nearly three quarters is spent on debt.” Govender continued to say that there was an urgent need to equip young people with the savings know-how that can directly impact their earning power, wealth creation abilities and happiness.

Makhu jumped right in and gave her “crazy ways to save” suggestions that left the audience astonished.

“How many of you here use the same water to bathe your children or attend events like these just to get free food?” she asked. “As crazy as this sounds these are starting points that if used strategically, could save you some coins.”

Mapalo Makhu from Women and Finance gives her crazy ways to save suggestions. Photo: Itumeleng Komana

Makhu advised the youth to also beware of spending on big brands just to look good on social media but Mhlongo suggested otherwise, “I will unashamedly, wear my Gucci and Louis Vuitton,” said Mhlongo. “The trick is knowing when you should spend and how you actually use social media.” Mhlongo did say that she gets paid to post some of her pictures wearing a certain brand because she has mastered the art of using social media to her advantage. “This is actually another crazy way to save, use social media, target brands and make money.”

According to Mwandiambira, saving is not necessarily dependent on income; it is largely dependent on willpower and discipline.

“Hiccups in your commitment to saving, if you don’t plan this out carefully, will lead to a feeling of failure. Talking to a financial adviser early to help simplify the complexities around saving and investing will help you to plan your financial future while pointing out any gaps in your plan.

Samke Mhlongo from TNC Wealth Partners and Nicollette Mashile from Finacial Fitness Bunny were part of the panel discussion. Photo: Itumeleng Komana

Mwandiambira concluded that it is important for South Africans to move away from negativity around our savings rate and look towards developing innovative savings alternatives and reinforcing positive savings behaviour, which the Happiness Index shows leads to a happier nation.

Thato Mmmapale and Msizi Mbatha are ready to save crazy this July. Photo: Itumeleng Komana

“Cultivating a culture of savings and promoting alternative savings solutions in all spheres remains the focus of Sasi and our dedicated partners. Savings Month has been designed to remind consumers to strive towards financial freedom and move away from remaining continuously vulnerable. Let’s find the #crazywaystosave!”

Finding #crazywaystosave can make you happier this July Savings Month

July is Savings Month in South Africa, and this year the focus is going to be firmly placed on engaging our country’s youth with a theme of “#crazywaystosave.” The South African Savings Institute (SASI), with support from Absa and the IDC, launched July Savings Month 2019 today, with discussions sparking a national conversation on how everyone can find ways to save.

Facilitated by financial journalist Arabile Gumede, the breakfast featured leading voices in personal finance personal including finance coach Mapalo Makhu from Women and Finance; award-winning personal finance journalist Maya Fisher-French; Samke Mhlongo from TNC Wealth Partners; Nicollette Mashile from Financial Fitness Bunny and SASI acting CEO and My Money author Gerald Mwandiambira to provide tangible savings insights.

SASI Chairperson Prem Govender says, “There is an urgent need to equip young people with the savings know-how that can directly impact their earning power, wealth creation abilities and happiness. South Africa’s household saving rate has declined to -0.5% of GDP, while our household debt as a percentage of disposable income is currently 71.9% – meaning that for every rand earned, nearly three quarters is spent on debt.”

Govender cites low levels of financial literacy as a reason behind South Africa’s low savings rate and growing credit addiction. “The young tend to save less and spend more. With 20 million people aged between 15 and 34, South Africa has a young population that are increasingly relying on credit. We can blame issues such as black tax, high unemployment, a rising tax burden and inflation – but we also must fundamentally stop living beyond our means and drive a savings culture to break the cycle of inter-generational debt.”

According to Thami Cele, Head of Savings and Investments at Absa Retail and Business Banking, the ‘Crazy Ways to Save’ idea was born out of a need to engage the youth and approach savings differently to get better results. Cele highlighted ABSA Happiness Index research which has identified a direct correlation between savings and the levels of consumer happiness. “We have been studying the underlying factors that ‘make us save’ and the impact that saving can have on overall well-being and happiness.”

The ABSA research found that top factors that improve South Africans’ overall happiness include:
• 92% – having confidence that my family is provided for
• 92% – the ability to afford the necessities in life
• 92% – leading a healthy life
• 91% – saving for the future

“Simply stated, being financially prepared for the future, staying in control of their savings and being satisfied that their families are well provided for are the key drivers to happiness,” says Cele. “Ultimately, 45% of South Africans who are currently saving are significantly happier than their counterparts, whilst 71% of South Africans who claim to have 4 or more months’ salary saved are happier than their counterparts.”

Gerald Mwandiambira, SASI acting CEO, says, “Saving when you’re already under financial pressure can often seem like an impossible task. While you may come up with many crazy ways to save money, from making your own laundry soap to stocking up on condiments at the fastfood store to literally freezing your credit cards – the fundamental truth of compound interest is that money makes money and it’s vital to have a short, medium and long-term plan, to be educated about the tools you can use and to put your savings to work to ensure your financial stability and happiness.”

According to Mwandiambira, saving is not necessarily dependent on income; it is largely dependent on willpower and discipline. “Hiccups in your commitment to saving, if you don’t plan this out carefully, will lead to a feeling of failure. Talking to a financial adviser early to help simplify the complexities around saving and investing will help you to plan your financial future while pointing out any gaps in your plan.”

Mwandiambira concludes that it’s important for South Africans to move away from negativity around our savings rate and look towards developing innovative savings alternatives and reinforcing positive savings behaviour – which the Happiness Index shows leads to a happier nation. “Cultivating a culture of savings and promoting alternative savings solutions in all spheres remains the focus of SASI and our dedicated partners. Savings Month has been designed to remind consumers to strive towards financial freedom and move away from remaining continuously vulnerable. Let’s find the #crazywaystosave!”

(ENDS)

Saving step by step – advice from SASI experts and partners

Step one: Set clear financial goals.
You need to plan your short-term goals (less than five years) where saving money is more important than growing it. This can be settling debt and putting an emergency fund in place or saving for an overseas holiday. Your medium-term goals (five to ten years) require you to balance the security of your money with growing its returns. This may include making provision for your children’s education or buying a car. Your long-term goals (more than ten years) are where the returns on the money you have accumulated count most – here we’re talking retirement planning or settling your homeloan.

Step two: Track your spending and create a realistic budget
You must have a very clear picture of how much money you earn, what you spend it on and how much can be saved. It also helps you cut expenses. Part of this budget exercise is to face the harsh reality of the dent debt makes in our cashflow situation.

Step three: Get rid of toxic debt.
As far as expenses in your budget go, there is a huge difference between a food bill and debt repayment. Hopefully, your debt had a very relevant purpose initially, but repaying it at a high interest rate makes an ugly dent in a monthly budget. Focus on one debt at a time, focusing first on those with the highest interest rates.

Step four: Plan for risks.
Build up your savings by having an emergency fund available for the next time you face some unexpected nasty financial surprise. This is where insurance also becomes a critical tool in your financial plan: it gives you the opportunity to transfer the risk.

Step five: Start saving and find your #crazywaystosave
You have identified your goals, used your budget to determine and free up excess funds by getting rid of debt and managing your expenses, and covered your risks as best as possible. Now the only thing left is to do is invest your surplus funds to reach your financial goals and dreams.

#Crazywaystosave from SASI

1. Financial Wellness Days: Ask your employer to give mandatory time off to review your finances with a Financial Planner once a year. Regular meetings with a Certified Financial Planning Professional will help you remain in control of your finances.
2. Automated Savings: Debit orders to Savings Accounts allow automated saving. You can set up debit orders Tax Free Savings Accounts (TFSA), 32 Day Notice Accounts and Unit Trust Accounts.
3. 13th Cheque: Ask your employer payroll to save for a 13th cheque paid to you in December by lowering your salary. This extra pay cheque will allow you to ride out the Festive Period and New Year expenses without major impact on your finances.
4. Pension Fund Contributions: When starting a new job, ask your employer to default to the highest allowable retirement fund contribution percentage of your income. You can also ask your employer to review your current contribution. Best of all, all retirement funding contributions are tax deductible annually up to R 350 000.
5. Group Savings: Start of Join a Stokvel or Investment Club with family and friends. The group will encourage you and allow you to develop the discipline required to be a regular saver.
6. Savings Buddy: Ask a friend to be a savings buddy whom you meet with regularly to discuss your savings journey. By holding each other accountable, you can help each other to grow wealth.
7. Have the money discussion with your partner: Some people are conservative while others are free spirits when it comes to managing money. The truth is that talking about money makes many people feel uncomfortable, and couples may be inclined to avoid financial discussions because they fear the disagreements that may arise. However, by talking openly and honestly about money, couples can establish common grounds despite their differing money styles.
8. Baby Gifts: You can seed a child’s future savings by requesting baby gifts of cash to deposit into TFSA or even taking out a Retirement Annuity (RA) for a baby.
9. Children: Open Tax-Free Savings Accounts for all your children to maximize the benefit they receive from these accounts. Set up debit orders to contribute to these accounts as they grow up together with cash gifts they receive on birthdays etc. You can encourage grandparents and other family to also contribute regularly.
10. Domestic Help: Set up a Savings account or Retirement Annuity for your domestic helper. These important members of our families are often forgotten in future planning.
11. Retirement Fund Statement: By receiving your retirement fund statements monthly or quarterly, you can be encouraged to keep track of your savings to ensure that you have sufficient income when you retire.
12. Financial Products and Insurance: Shop around and use a financial institution that rewards consistent savers either through a high savings interest rate or cash back for no claims.

Focus on alternative savings during July Savings Month

The 2017 SASI (South African Savings Institute) July Savings Month was launched today in Sandton by Orlano Makubela, Chief Director of Financial Investments and Savings at National Treasury, and Sazini Mojapelo, Group Head of Citizenship at Barclays Africa, with a focus on encouraging alternative savings solutions. A panel of industry experts discussed developing alternative mechanisms to help South African consumers, already under pressure and over-indebted, to save.

Absa partnered with the South African Savings Institute (SASI) to launch National Savings Month, joining anchor sponsor the IDC and other long term partners across the financial services industry. Mojapelo says, “Our decision to partner with the South African Savings Institute echoes our commitment to Shared Growth through which we use our resources, the talents of our people and our expertise to make a positive difference in society. One of our commitments in this regard is Financial Inclusion, which includes financial literacy training, and looks to encourage South Africans to recognise the importance of saving and to save.”

SASI Chairperson, Prem Govender, says that following South Africa’s ratings downgrade and subsequent effects on the economy, consumers will increasingly be under financial pressure and need to improve both knowledge and attitudes to saving. “Savings Month has been designed to remind consumers, via the media and other channels, to strive towards financial freedom or remain continuously vulnerable. Cultivating a culture of savings and promoting alternative savings solutions in all spheres of life is our focus for 2017.”

SASI believes employers can also play an important role.  “Many South Africans are struggling to save not only due to income challenges, but also the lack of willpower and commitment. In terms of alternative savings solutions, we are involving employers this year and suggesting ways to facilitate or automate the savings process for those with an income, such as garnish savings options into a tax free saving account and 13th cheques structured as a savings tool.”

Gerald Mwandiambira, SASI acting CEO, emphasized the importance of people having a savings buffer in tough economic times. “Research shows that savers with a buffer enjoy improved emotional wellbeing, greater resilience to external market shocks and, importantly, an increase in productivity at work. We need employers to get involved in the savings process by assisting with automated savings programmes, especially considering that financially stable employees make productive employees.”

Mojapelo agreed, saying, “Persistent unemployment and the rising costs of living, made worse by historical spatial development patterns, means the average lower income household faces far greater pressures than many of us imagine. For those that can save, it is important that they use all the instruments available to improve their long-term financial sustainability. The responsibility for enacting these critical behavioral changes is a shared one, and we see a role for individuals, financial services providers but also for employers and HR professionals. Employers have a significant role to play in guiding their employees to make those small behavioral changes. HR professionals should be recommending tweaks to employees such as regularly reviewing and adjusting their pension fund contributions. They should also be educating employees to start building a savings buffer in case things go wrong.”

SASI has been dedicated to developing a robust culture of saving in South Africa since 2001. Govender says, “According to South African Reserve Bank (SARB) figures, in the last 16 years we have seen a decline in our savings rate, reaching a record low of -2.70 in 2013. However, we are now seeing small increases off a very low base, with the Household Saving Rate in South Africa increasing to -0.30 percent in the first quarter of 2017 from -0.50 percent in the fourth quarter of 2016.”

Govender further highlights that we are starting to see an overall reduction in household debt. The SARB bulletin for the first quarter of 2017 shows that, on an annual basis, growth in household debt slowed from 4.6% in 2015 to 3.9% in 2016, and the ratio of household debt to disposable income edged lower from 76.9% to 74.4% over the same period. “Recent improvements in the debt rate can be attributed to The National Credit Amendment Act 2016, which has imposed more stringent affordability requirements on borrowers, as well as a Nation that has simply used up all available credit,” says Govender. “Young South Africans are increasingly relying on credit to provide for basic needs, and there is a growing culture of people living way beyond their means and getting trapped in a cycle of short-term debt. Financial literacy education from an early age is vital to counteract this trend.”

Govender believes that we need to move away from negativity around South Africa’s savings rate to developing innovative savings alternatives and reinforcing positive savings behaviour. “Every Savings Month we work with our partners, including the large financial institutions that play such an important role in sharing knowledge, to find ways to educate and empower South Africans to save more. The household savings agenda is a key national priority. We believe that South Africans can save and invest more domestically for the greater good of our economy. As we sit in a technical recession, it is a fact that domestic savings can be a driver of internal economic growth. There has never been a better time to save than now.”

Alternative Savings Methods – Tips from SASI to help you save

Saving is not only dependent on income, it is largely dependent on willpower and discipline.
These solutions allow savers to have willpower and discipline by passing it on to others.

  1. Set a Target: The reason why many of us do not save is because we do not have set targets. It is important to set and write down important savings targets such as an Emergency Fund, Holiday Fund and other targeted savings. Do you know your targets?
  2. Automated Savings: Debit orders to Savings Accounts allow automated saving. You can set up debit orders Tax Free Savings Accounts (TFSA), 32 Day Notice Accounts and Unit Trust Accounts.
  3. 13th Cheque: Ask your employer payroll to save for a 13th cheque paid to you in December by lowering your salary. This extra pay cheque will allow you to ride out the Festive Period and New Year expenses without major impact on your finances.
  4. Pension Fund Contributions: When starting a new job, ask your employer to default to the highest allowable retirement fund contribution percentage of your income. You can also ask your employer to review your current contribution. Best of all, all retirement funding contributions are tax deductible annually up to R 350 000.
  5. Financial Wellness Days: Ask your employer to give mandatory time off to review your finances with a Financial Planner once a year. Regular meetings with a Certified Financial Planning Professional will help you remain in control of your finances.
  6. Group Savings: Start of Join a Stokvel or Investment Club with family and friends. The group will encourage you and allow you to develop the discipline required to be a regular saver.
  7. Savings Buddy: Allow your partner or friend to be a savings buddy whom you meet with regularly to discuss your savings journey. By holding each other accountable, you can help each other to grow wealth.
  8. Baby Gifts: You can seed a child’s future savings by requesting baby gifts of cash to deposit into TFSA or even taking out a Retirement Annuity (RA) for a baby
  9. Children: Open TFSA Accounts for all your children to maximize the benefit they receive from these accounts. Set up Debit orders to contribute to these accounts as they grow up together with cash gifts they receive on birthdays etc. You can encourage grandparents and other family to also contribute regularly.
  10. Domestic Help: Set up a Savings account or Retirement Annuity for your domestic helper. These important members of our families’ are often forgotten in future planning.
  11. Retirement Fund Statement: By receiving your retirement fund statements monthly or quarterly, you can be encouraged to keep track of your savings to ensure that you have sufficient income when you retire.
  12. Financial Products and Insurance: Shop around and use a financial institution that Rewards consistent savers either through a high savings interest rate or cash back for no claims.

(ENDS)

www.savingsinstitute.co.za

#celebratesavers

Photographs: https://app.box.com/s/4w4q54wxqfdame9i19skn2wn97mqocbf

Speeches: https://app.box.com/s/4w4q54wxqfdame9i19skn2wn97mqocbf

  • Orlano Makubela, Chief Director of Financial Investments and Savings at National Treasury
  • Sazini Mojapelo, Group Head of Citizenship at Barclays Africa

For more information contact:

Tamaryn Brown on behalf of SASI
Plato Connect
Tel: 084 3510560
Tamaryn@platocomms.co.za

Obakeng Nyokong on behalf of Absa, Fleishman Hillard
Tel: 079 684 3623
Obakeng.nyokong@fleishman.co.za

 

SASI July Savings Month 2017 Launch

The South African Savings Institute (SASI) will launch its traditional Savings Month Campaign at a breakfast event in Sandton on Wednesday 28 June 2017 where the Minister of Finance, Malusi Gigaba, will deliver the keynote address.

 

“Savings Month is SASI’s national savings awareness campaign, and the theme for this year’s drive, which runs during July, is “Alternative Savings Solutions,” says Gerald Mwandiambira, Acting CEO of SASI.

 

Savings Month has been designed to remind consumers, via the media and other channels, to strive towards financial freedom or remain continuously vulnerable. “Cultivating a culture of savings and promoting alternative savings solutions in all spheres of life is our focus for 2017.” The Minister’s keynote address will be in response to these alternative savings solutions and SASI’s vision to improve individual savings in South Africa.

 

At the event, Barclays Africa CEO Maria Ramos will also share her thoughts on the state of savings in our country, after which a panel of industry experts will discuss ideas and thoughts on a blueprint to encourage individual saving in South Africa.

 

“South Africans generally don’t have a savings pool to tap into in times of emergency and tend to cash in their retirement savings when times are tough. For this reason, National Treasury introduced vehicles such as the Tax Free Savings Account in 2015 to encourage household savings. SASI welcomes this strategy and is encouraged to pursue this mandate even more aggressively. Hence a key focus of this year’s savings campaign will be to promote savings literacy,” says Mwandiambira.

 

SASI will be implementing a number of initiatives during July, aimed at instilling a culture of saving.

 

“As responsible South African corporate citizens, we want to demonstrate our commitment to economic sustainability and to promoting the financial well-being of all South African consumers. We believe the Savings Month activities will further the spread of the savings message across the country and provide the necessary information to assist consumers to make informed savings decisions.”

 

Events planned for 2017 Savings Month Awareness Campaign include:

 

 

Event Date Venue Audience
SASI Savings Month Launch Breakfast 28 June 2017 Sandton VIP Guests
Media Campaign 1 July – 5 August National Radio & TV Public
Communities Campaign 6 July – 30 September National Selected Communities
Varsity/TVET Campaign 6 July – 30 September National Selected Campuses

 

 

Savings tips to survive 2017

 

  1. Resist SALE, think SAVE! Clearly distinguish between needs and wants.
  2. Have a clear budget for your requirements in every month. Create a budget using the SASI budget tool or phone apps, available at NO COST.
  3. Use free online tools to track your spending and debt and know where every cent of your income goes.
  4. Pay cash for all purposes and don’t be trapped by easy credit – in fact, cut up those store credit cards!
  5. Visualise what you want to save for and start saving more.
  6. Service your debt and stick to the payment terms. If you cannot service your monthly debts discuss your situation with your credit providers before it is too late. Consumers can seek assistance from  a  registered  debt  counsellor  by  contacting  the  NCR  on  0860   627 627.

TENTH LAUNCH OF STARSAVER™ THEMED “DEEPENING FINANCIAL DEMOCRACY”

June is Youth Month and The Banking Association South Africa (BASA) with its 23 Member Banks and 43 Financial Institutions collaborating on StarSaver™ will celebrate the 10TH Annual launch of StarSaver™ in a form of a dialogue themed “Deepening Financial Democracy”.

 

StarSaver™ is a generic financial literacy programme to inculcate a culture of saving in young people and promote voluntarism and collaboration in the banking industry and the broader financial sector.

Date:                                 Saturday, 10 June 2017

Theme:                              Deepening Financial Democracy

Venue:                               Creative Centre for Leadership (CCL), Green Park Corner, 12th floor,

Cnr West Rd South and Lower Rd, Sandton, Johannesburg

 

The Banking Association South Africa with ReimagineSA will host approximately 120 youth participants aged between 16 and 30 from Johannesburg schools, universities and communities on Saturday, 10 June 2017, to discuss and debate the idea of democratising the economy, access to finance and whether or not money is a basic human right. Among them will be member banks and practitioners in financial institutions, government officials and other stakeholders within the world of finance.

 

This year will be the 10th roll out of StarSaver ™, the flagship programme of the financial sector. First launched in 2008, StarSaver™, formerly known as Teach Children To Save South Africa™ (TCTSSA™), was established as a response to the call by National Treasury to improve financial wellness and fitness of different segments of the population. This is to contribute towards one of the priorities of the nation to advance financial Inclusion, and therefore economic transformation. It has become well known globally, as one of the emerging best practices in financial literacy and in enabling collaboration in the otherwise competitive financial education space.

 

The StarSaver™ programme is an official part of the Economic Management Science (EMS) subject area of the school curriculum. The programme’s Lesson Plan, developed jointly with the Department of Education, accommodates generic financial literacy as well as an Islamic Finance chapter. The latter is due to Islamic Banking becoming a growing phenomenon in the country. Endorsed and adopted by the SADC Banking Association, StarSaver™ has reached approximately 2 million learners in over 4 thousand schools in South Africa alone with the participation of banks and financial institutions. This ensures that there is an integration of real life experiences on financial literacy in the school curriculum as a long term measure to prevent the high and growing indebtedness of the population.

 

In the past year, South Africa witnessed multiple public demonstrations involving youth and money, leading to such developments as the #FEESMUSTFALL movement. Much of the talk around the issues brought to the fore topics such as democracy, rights, responsibility, access, free education, citizenship, resources, government, business, the constitution, etc. This discourse remains relevant, to be explored for innovative solutions to the societal challenge of broader financial inclusion.

The 1oth June dialogue is aimed at inspiring audiences across the country; look out for broadcasts of the dialogue through various media channels to participate, engage and contribute to the conversation and learn about good economic citizenship, money, saving, creating livelihoods, gaining and creating employment and becoming independent and responsible economic citizens.

 

For more info. contact: Mvelenhle Yaka | mvelenhley@banking.org.za |Tel. 011-645 6700/13 |Mobile: 076 791 6929 and Ephraim Kgosana | ephraimk@banking.org.za |Tel. 011-645-6723 |Mobile: 071-685-8753

 

Visit: www.starsaver.co.za ; www.banking.org.za ; www.reimaginesa.com; www.civicsacademy.co.za

Twitter https://twitter.com/StarSaverSA and Facebook:      https://www.facebook.com/TCTSSA

 

GLOBAL MONEY WEEK: 27 March – 2 April 2017

The Banking Association South Africa, the lead partner of Child and Youth Finance International (Netherlands Based) in partnership with ReimagineSA will host a dialogue on 29 March 2017 to table a conversation on the subject of Money (financial resources) – a basic human right or not? The Dialogue will form part of the Global Money Week activations that would have started on 27 March in South Africa as part of a global movement to democratise Youth Finance, this movement is an annual global celebration, with local, regional and international events and activities aimed at inspiring children and youth to learn about money, saving, creating livelihoods, gaining employment and becoming independent and responsible global economic citizens.

 

In the past year South Africa has seen multiple public debacles involving Youth (universities) and Money, leading to development of such speech as #FEESMUSTFALL. Much of the talk around the issue brought to headlines words like Democracy, Rights, Responsibility, Access, Free Education, Citizenship, Resources, Government, Business, Civil Society, etc. all these words were accompanied by actions of violence and destruction and threats. In part, the actions taken to express the emotions around access to basic resources almost brought the country to a standstill. It later became an interesting subject to explore, that of money and whether or not it is a basic human right and if it is, what is the responsibility of human to this right.

 

March 21st marks Human Rights Day which is affording us a timely opportunity to frame the conversations during Global Money Week (27 March-2 April) and to explore the subject of finance and Human Rights. The conversation beginning on the 21st will culminate into a dialogue on the 29th where approximately 120 youth participants aged between 15 and 23 will gather to discuss and debate the idea of democratising the economy and access to finance. Among them will be member banks and practitioners in financial institutions, government official and other stakeholders within the world of finance / economy.

 

Furthermore, 132 countries around the world will also be participating in the Global Money Week initiative tabling transparent dialogues and activities aimed at increasing financial literacy, inclusion and transformation. To that end, the launch the 10th roll out of the StarSaver programme of The Banking Association of South Africa will take place as part of the Dialogue. StarSaver is a generic financial literacy programme designed to instill a culture of saving among young people and encourage volunteerism in the financial sector.

 

Anybody, Anywhere, Anytime – can get involve! The event will be broadcasted through various media platforms to allow for national participation across South Africa so that a wider audience can contribute to the conversation.

TCTS 2014 Campaign


To celebrate 20 years of democracy, the 2014 TCTS SA™ theme is “Democratising Youth Finance”. Volunteers present lessons, for Grades 7 to 9, developed in collaboration with the Department of Basic Education and aligned to the Economic Management Science subject. The core of the TCTS SA™ programme is based around the 10 Key Messages for Cool Savings!

  1. Don’t blow with the wind … be money-smart!
  2. BLING can wait!
  3. Don’t need to want it … Don’t want to need it.
  4. Are you dom or are you money-wise … do you save?
  5. Money is a terrible master but an excellent servant” – save and make money work for you.
  6. Money loves those who treat it well!
  7. Is money a tool or your master … needs 1st before wants.
  8. Pay yourself FIRST; saving is just as important as all other expenses.
  9. If you do not save “uzoyithola kanjani uhleli ekhoneni”.
  10. Creating Memoirs of a savvy saver
News Articles:

TCTS 2013 Campaign

The 2013 campaign will be held from the 18 July 2013 and the theme is “Time 2 Save”.

Events:
  • 18 July: National launch in Mbombela, Mpumalanga – MEC education keynote address at Lundanda Primary School.
  • 23 July: Islamic Financial Chapter Launch at Lenasia, Gauteng
  • 30 July: KZN TCTS SA TM  launch – MEC Finance key note address

Launch:
2013 Toolkit:
Lesson Plans:
Global Money Week:

Members are encouraged to participate! View the poster.

For more information please visit the following link: www.childfinanceinternational.org/global-money-week

TCTS 2012 Campaign

Celebrating 5 years!
The 2012 campaign will be held from the 16 to 27 July 2012.

The Teach Children to Save South Africa™ (TCTS SA™) programme will be celebrating five years of grooming our youth to be Savvy Savers!!! TCTS SA™ is a generic financial literacy programme rolled out annually to learners nationwide. The TCTS SA™ lesson plan is integrated within the school curriculum.

In 2008 TCTS SA™ was conceptualised to embark on a journey with selfless volunteers, enthusiastic learners, schools, government, banks and financial sector institutions.

Since July 2008 to date TCTS SA™ through 15 banks and 28 financial sector institutions has empowered more than 350,000 learners in over 1,500 schools. Volunteer bankers and financial sector professionals become “teachers-for-an-hour” and impart their skills and work-based knowledge to teach learners about the lifelong habit of saving.

The 5 objectives of TCTS SA™ are to:
  1. foster a culture of saving
  2. promote volunteerism
  3. create awareness about the value of money and the importance of savings
  4. promote financial literacy
  5. assist learners appreciate the power of choice
Documents:

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TCTS 2011 Campaign

The campaign was held from the 18 to 29 July and the theme was “Save 4 a Better Future”. 2011 marks the 4th annual roll-out of the programme.

Lessons:
Launch photos:


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