Financial education by the youth, for the youth
IOL / 09 APRIL 2018 - 13:00 / STAFF REPORTER
JOHANNESBURG - Metropolitan, in partnership with the University of the Western Cape’s Centre for Entrepreneurship and Innovate South Africa, has launched the UWC FinLit Innovation Competition to develop a financial literacy programme designed by the youth, for the youth.
The aim is to increase financial knowledge among 18-to-25-year-olds from lower-income households.
President Cyril Ramaphosa has welcomed the private sector’s commitment to working with government under the aegis of the Youth Employment Service to enable a million young people to become economically active over the next three years. Ramaphosa and Deputy President David Mabuza led a government delegation to a meeting with business leaders in Sandton, Johannesburg, earlier this month. It brought together senior leaders from a range of corporations, state-owned enterprises, employment and skills development initiatives in preparation for the launch of the service this week. A cabinet meeting had earlier agreed that Ramaphosa would launch the
“Financial literacy is the key to financial security, but many of South Africa’s young people do not understand financial principles, neither do they know how to make sound financial decisions nor where to seek assistance. By incorporating the voice and perspective of young people into our financial education programmes, we will be better able to reach and teach those who will shape our country’s future,” says Metropolitan CSI manager Elsie Govender.
Earlier this year, UWC students with an interest in financial literacy, innovation and a desire to make a difference applied to take part in the competition. The 30 students who were selected have been split into groups and, from the end of March, have been attending a series of design-thinking workshops.
These are facilitated by representatives from Metropolitan and previous Innovate South Africa competition participants, who unpack the issue of financial illiteracy and help the students explore the problem-solving process. The groups will use what they have learned, together with their knowledge of their contemporaries, to come up with solutions that will resonate with their peers.
In June, the students will present pre-tested prototypes of these solutions to a panel of judges for evaluation on criteria such as learning outcomes, relevance and scalability. The winning group will receive an internship with Metropolitan and be given the opportunity to implement their idea. They will also win a cash prize or Metropolitan product. All students will receive Metropolitan-branded merchandise.
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