Index Investing News
Saturday, May 31, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Planning Points: Plan your money, plant your future

by Index Investing News
September 8, 2023
in Opinion
Reading Time: 4 mins read
A A
0
Home Opinion
Share on FacebookShare on Twitter



Planning Points: Plan your money, plant your future

Money Smart Week SA (MSWSA) 2023 took place from August 28 to September 3, 2023. It is South Africa’s largest co-ordinated financial literacy campaign aimed at motivating and empowering South Africans to become better educated about their finances.

There were various initiatives taking place during this time, including in-person and virtual workshops, webinars, social media drives, and radio and television engagements in which the public could take part. Go to www.mwssa.co.za to get up to speed.

The event underscored once again, how we cannot underestimate the importance of financial literacy. To many, finances can be incredibly intimidating; filled with complex terms and concepts. Being financially literate means having a basic grasp of money matters and its four fundamental pillars: debt, budgeting, saving and investing. It’s understanding how to build wealth throughout one’s life by leveraging the power of the pillars. Put simply, financial literacy is the difference between living from paycheque to paycheque and being able to afford the things you want and need, to build wealth that works for you and your family. This is why financial literacy is so important and initiatives such as MSWSA are vital to co-ordinate the finance sector and interested stakeholders in the campaign to drive the message that financial literacy is well within the reach of anyone of any level of education.

MSWSA2023, under this year’s theme “Plan your money, plant your future”, is a joint initiative between the National Treasury and the Financial Sector Conduct Authority (FSCA) and has three objectives:

Increasing FINANCIAL INCLUSION – with the aim of increasing accessibility and availability of financial services to all segments of society, especially those who are traditionally under-served or excluded from the formal financial system. This includes access to basic financial products and services such as savings accounts, credit, insurance, and payment systems.

Ensuring CONSUMER PROTECTION – Confidence, knowledge, information and access to make appropriate financial choices a key aspects of consumer protection. Financial education plays a crucial role in the broader consumer protection environment.

Disseminating FINANCIAL EDUCATION – The FSCA is mandated to “provide, promote or otherwise support financial education, awareness and confidence regarding financial products, institutions and services”. The MSWSA initiative is one way it aims to deliver on this mandate.

How are we faring in acquiring sound financial education?

The S&P Global Financial Literacy Survey is the world’s largest, most comprehensive global measurement of financial literacy. It probes knowledge of four basic financial concepts: risk diversification, inflation, numeracy, and interest compounding. Its findings were alarming that overall, there are low levels of financial literacy across the world.

Globally, only about a third (33%) of adults are considered to have financial literacy. When looking at the data from a gender perspective, it’s noteworthy that financial literacy rates are slightly higher among men, with 35% of men being classified as financially literate, while for women, the figure is lower, at 30%.

In South Africa, 42% of the adult population possesses financial literacy. However, in countries like Norway and Denmark, the financial literacy rate is notably higher, standing at an impressive 71%

Other key findings:

  1. Numeracy and inflation are the most understood concepts.
  2. Risk diversification is the least understood concept.
  3. Women’s financial literacy levels are lower than men’s.
  4. The young are a vulnerable group and an important target for financial education programmes.

Indeed, there is a clear need for financial education, as well as support in putting the essential principles into practice. Through MSWSA2023, the goal is to instil this knowledge and confidence in consumers. Workshops, seminars and educational campaigns provide individuals the tools they need to navigate the financial world successfully. Whether it’s understanding the terms of a loan, making sound investment choices or managing a budget effectively, financial education equips people to protect their financial interests. This is what MSWSA was all about.

The theme encapsulated the essence of what financial literacy and inclusion are all about. It’s a call to action, an invitation to take charge of your financial destiny. Think of your finances as a garden, and every financial decision you make as a seed you plant. The seeds can grow into a lush and bountiful future, with careful planning, nurturing and proper knowledge.

Financial literacy isn’t just about balancing budgets or understanding interest rates; it’s about empowerment. When you plan your money wisely, you’re investing in your future self. You’re creating a safety net that helps you weather life’s storms and a foundation upon which you can build your dreams.

Palesa Dube, CFP® is a director and Wealth Manager at Wealth Creed. She is a practising member of the Financial Planning Institute of Southern Africa and is the Financial Planner of the Year 2022

PERSONAL FINANCE



Source link

Tags: futureMoneyPlanPlanningplantpoints
ShareTweetShareShare
Previous Post

Words on Wealth: Progress in the courts for common-law spouses

Next Post

Does Your Short-Term Rental Need a Selfie Wall?

Related Posts

Finish of look ahead to ex-NYPD Commish Bernie Kerik, 1955-2025

Finish of look ahead to ex-NYPD Commish Bernie Kerik, 1955-2025

by Index Investing News
May 31, 2025
0

Former NYPD commissioner Bernard Kerik, “America’s Cop,” who helped make New York the most secure huge metropolis in America and...

Why Kannada deserves greater than apologies

Why Kannada deserves greater than apologies

by Index Investing News
May 30, 2025
0

Let me simply come out and say it: Kannada-dalli maathadi. Which is like saying, Hindi mein baath kijiye. Or Tamizh...

Theoretical Penalties Of Man-Made Gold – FREEDOMBUNKER

Theoretical Penalties Of Man-Made Gold – FREEDOMBUNKER

by Index Investing News
May 30, 2025
0

Authored by Peter Earle by way of TheDailyEconomy.org,In a exceptional feat of recent physics, scientists on the Giant Hadron Collider...

Incorporating AI into workforce planning: optimising expertise for the SA workforce of the long run

Incorporating AI into workforce planning: optimising expertise for the SA workforce of the long run

by Index Investing News
May 31, 2025
0

The mixing of synthetic intelligence (AI) into workforce planning is revolutionising how organisations put together for the calls for of...

Ready recreation is a harmful play –
Las Vegas Solar Information

Ready recreation is a harmful play – Las Vegas Solar Information

by Index Investing News
May 30, 2025
0

Friday, Could 30, 2025 | 2 a.m. Many Democrats have determined to attend out President Donald Trump and do their...

Next Post
Does Your Short-Term Rental Need a Selfie Wall?

Does Your Short-Term Rental Need a Selfie Wall?

This Systematic Trading Strategy Beat the S&P 300-to-1

This Systematic Trading Strategy Beat the S&P 300-to-1

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Man Utd verify extent of Kobbie Mainoo damage blow

Man Utd verify extent of Kobbie Mainoo damage blow

October 17, 2024
Will Very Narrow Breadth Lead To Broad Equity Upside?

Will Very Narrow Breadth Lead To Broad Equity Upside?

June 5, 2023
‘Elsbeth’ Season 2 Trailer Drops As 4 Be a part of Forged

‘Elsbeth’ Season 2 Trailer Drops As 4 Be a part of Forged

September 13, 2024
Rafael Nadal vs Alexander Zverev LIVE: French Open 2022 newest scores and updates

Rafael Nadal vs Alexander Zverev LIVE: French Open 2022 newest scores and updates

June 3, 2022
Lido DAO Price Prediction: Analyst Sees Another 87% Upside For LDO Even After 35% Surge In A Month, But Experts Say Consider This Meme Coin’s Second Coming For 100X Potential

Lido DAO Price Prediction: Analyst Sees Another 87% Upside For LDO Even After 35% Surge In A Month, But Experts Say Consider This Meme Coin’s Second Coming For 100X Potential

January 5, 2024
Earnings preview: What to expect when the major banks report Q3 2023 earnings

Earnings preview: What to expect when the major banks report Q3 2023 earnings

October 10, 2023
Everton unwilling to meet Jordan Pickford’s wage demands | Roberto Martinez prepares Cristiano Ronaldo talks – Paper Talk | Transfer Centre News

Everton unwilling to meet Jordan Pickford’s wage demands | Roberto Martinez prepares Cristiano Ronaldo talks – Paper Talk | Transfer Centre News

January 10, 2023
60 Years After Lyndon Johnson’s “Daisy Advert,” the Silence on Nuclear Conflict Is Harmful — International Points

60 Years After Lyndon Johnson’s “Daisy Advert,” the Silence on Nuclear Conflict Is Harmful — International Points

September 10, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In