SPECIAL FOCUS
The remaining unbanked, and the new entrants to the banked
population, underlined the need for proper and objective consumer
financial education.
Kuhlase points out that the banking sector understands that as
an industry it needs to play an important role in financial education
as many credit consumers mainly look to banks. But she notes
that a distinction needs to be drawn between objective consumer
education and marketing.
As part of this consumer financial education drive, Kuhlase
says that financial literacy has to be an essential part of the school
curriculum in South Africa.
As part of its role in driving financial literacy among youth,
Kuhlase says that the banking industry, among other things,
participates in a “generic financial literacy programme” known as
Teach Children to Save South Africa (TCTS SA), an initiative aimed
at drilling the culture of saving among children.
Kuhlase adds that The Banking Association is also an affiliate of
Child and Youth Finance International, a global movement endorsed
by the UN secretary-general, Ban Ki-moon, which is aimed at
improving the financial capabilities of children and youth.
At an individual banking level, Jacqui Carnelley, head of
marketing at Standard Bank’s Personal and Business Banking South
Africa says her bank engages the youth in schools through the Teach
Children to Save initiative. The department visits the townships to
educate the middle aged and the elderly. It also uses the platform of
radio and television programmes to offer story lines on consumer
financial education. Carnelley says such initiatives show people
how to behave responsibly and adopt good financial habits.
‘If you create an environment where it’s normal to save then
more people adopt these habits and that can help the economy to
grow,’ says Carnelley.
Mandla Zwane, the head of consumer education and strategic
relationships at Nedbank, says his bank reached over 25 000
learners countrywide through their participation in the Teach
Children to Save South Africa initiative. And through a youth
development programme launched early in 2013 with the office
of the premier in KwaZulu-Natal, the bank has reached over
2 400 youth.
As part of its role in driving
financial literacy among
youth, Kuhlase says that the
banking industry, among
other things, participates in
a “generic financial literacy
programme” known as
Teach Children to Save
South Africa (TCTS SA), an
initiative aimed at drilling
the culture of saving among
children.
2013/07/16 12:26 PM
Edition 8
Consumer_Education.indd 15
BANKER SA
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2013/12/20 9:37 AM