Q & A: Insurance and Asset Management | Standard Bank Group
Driving meaningful change through education
We asked Head of Sustainable Impact at Insurance and Asset Management( IAM), Standard Bank Group, Tshegofatso Raphala, to share her insights on empowering the youth, closing skills gaps, and shaping a financially literate future for South Africa.
Which education initiatives has IAM implemented to tackle South Africa’ s most pressing skills gaps among young people?
IAM addresses youth skills gaps by delivering high-impact education programmes across the school lifecycle in partnership with accredited non-profit organisations in the education sector. We prioritise literacy in the foundation phase to strengthen core learning, followed by focused STEM( Science, Technology, Engineering and Mathematics) support in Grades 10 – 12. This approach helps address the mismatch between the demand and supply of maths and science skills, particularly among learners from under-resourced communities.
By strengthening early foundations and aligning learning support to labour market needs, we help convert potential into capability and create pathways to further study, employment, and economic participation.
We also offer financial literacy programmes through our Mind My Money programme. This programme equips individuals with the skills to make informed, practical financial decisions in an increasingly complex economy. Mind My Money delivers financial education across communities, higher education institutions and digital platforms, focusing on four foundations of financial capability: budgeting, saving, responsible credit use, and goal setting.
University students represent a particularly important intervention point, as many are managing money independently
for the first time. By embedding financial education earlier, we help young people build healthy financial behaviours that support long-term financial stability.
What role does financial literacy play in your education initiatives, and why is it so critical in today’ s economy?
In a context of persistent inequality, structural unemployment, and fragile household finances, financial literacy is essential as it often determines whether households can withstand economic shocks or fall deeper into the economic cycles of debt.
What inspired IAM to invest in education as a key pillar of its social impact strategy?
IAM’ s commitment to education is rooted in its founding purpose. Our founder, Sir Donald Gordon was inspired by seeing his father, a retired teacher, work hard yet retire without adequate financial security, cementing the link between education, dignity, and long-term wellbeing. This legacy later expanded through partnerships with The Learning Channel, which used free-to-air television to deliver quality maths and science support at scale.
Today, as part of Standard Bank Group, we recognise that education is critically important for South Africa as it addresses socio-economic challenges caused by poverty,
84 www. futuresa. co. za