Financial Planning Institute (FPI) chairperson Sankie Morata and Financial Services Board consumer education head Lyndwill Clarke called for basic financial education and orientation at schools at the FPI Global Consumer Survey launch last month.
The financial literacy – the level of awareness regarding the understanding of finances – of South African consumers indicated that much work remained to be done in rural and urban areas, said Morata.
He called for financial education to begin at primary school level. The pair advocated the development of financial terms in indigenous languages to allow for broader communication of financial matters throughout society.
“One of my dreams is to begin financial education at primary schools and make children aware of the importance of money management. To address the psychology of money in our indebted society, we must raise awareness of financial management and encourage family discussions about money and financial planning,” said Morata.
Clarke advocated for a financial orientation module in high schools, emphasising that broader financial information communication strate- gies be appropriate for the recipients and be progressive, with clear, concise messages and information to ensure that the central issues of financial management and planning were not clouded by too much information.
“I am hesitant about financial planning at schools, as this could interfere with [pupils’] studies, but a few financial literacy modules from about grade 10 to matric, maybe as part of life orientation classes, would ensure that they understand the basics and terminology of finances, tax and pension payments before they get their first pay checque,” he explained.