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The Consumer Education
Department (CED) celebrates 12 years of offering financial education to South
African consumers this year. The department was established by the Financial
Services Board Act (Act no. 97 of 1990 as amended in 2000 Section 3 (c). This
Act mandates the Financial Services Board (FSB) to:
“Promote programmes and
initiatives by financial institutions and bodies representing the financial
services industry to inform and educate users and potential users of financial
products and services”.
The long term vision of the FSB’s consumer
education strategy is to empower all South Africans to manage their personal
and family financial matters soundly and to eradicate reckless spending. The
strategy also aims to encourage consumers to check whether their financial
service providers are authorised by the FSB to conduct business and if these
companies are not authorised, consumers should report those companies to the
FSB. This will help in the fight against financial institutions that aim to
scam the poor, vulnerable youth and the elderly of their hard earned money. CED also seeks to advise consumers of their
rights and responsibilities as well as inform them of the recourse mechanisms
(who to go to or complain to) available to them.
The CED continuously aims
to improve the financial literacy levels of all citizens. It does this by
conducting workshops, giving presentations, holding exhibitions and promoting
the financial development of teachers and youth. The CED also undertakes
community and commuter education, brochure development, translation, producing advertorials
in community newspapers and conducting radio interviews on a range of topics. Furthermore,
it consults widely with the experts in industry, government and the community
to assist consumers to make the most of their finances.
Through the CED, the FSB is
recognised as a leader in the field of financial education, both nationally and
internationally. This is evident in the regular invitations it
receives from the Organisation for Economic Development (OECD) and other
international organisations to share its knowledge and experience.
The release of the results
of a National Baseline Survey undertaken in 2012. This survey measures the
financial literacy levels of South Africans across four domains, namely; Financial
Control, Financial Planning, Choosing financial products and Knowledge and Understanding
of financial products.
The Money in Action resource which is (Curriculum Assessment Policy
Statement CAPS) compliant and has been approved by the Department of Basic
Education (DBE) Over 54 000 copies were distributed to grade 7-9 teachers
in public schools.
A flagship, interactive consumer
education website, known as www.mylifemymoney.co.za. This website which boasts a fun and friendly mascot and brand identity,
includes financial tips, the financial implications of key life events, blogs, one
question polls, financial literacy quizzes, frequently asked questions, a
glossary , free online calculators and a free downloadable budget template to
name but a few.
The FSB partnered with SAICA’s Thutuka programme
in the delivery of financial literacy workshops for Grade 12 Black learners as
part of their winter camps. The workshops reached approximately 1000 learners
and focussed on basic money management and make smart money choices. The
project proved such a success that the FSB will be involved in other areas in
2014 such as train-the-trainer, presenting at the girls camp, EMS teacher
development programme and we will continue our involvement in the winter camps.
We are well aware of how
things can go wrong for many consumers and the CED assists consumers to avoid
potential financial disasters by providing them with financial information.
This is done in order to help consumers make better financial choices which may
significantly affect their financial future.
would like one of the CED staff to present a workshop in your community,
school, church, work, entrepreneurs day or careers day exhibition, FREE of
charge call 012 428 8109 or email: Lyndwill.Clarke@fsb.co.za
of our brochures, booklets or leaflets call 012 367 7146 or email: Loshini.Govender@fsb.co.za
Education Enquiries call Tammy Peyper on 012 367 7148 or email: Tamrynne.Peyper@fsb.co.za
Relations Enquiries call Elliot Modisa on 012 422 2838 or email: Elliot.Modisa@fsb.co.za
For Media Enquiries call 012 428 8109 or
Web Enquiries call 012 428 8123 or email
Alicia Pillai on CED.Consumer@fsb.co.za
For more information visit www.fsb.co.za
Letters can be addressed to:
Head of Department: Consumer Education
P O Box 35655
Or fax: 012 346 5651
To check if your financial services provider is authorised call the
Financial Services Board toll-free on 0800 20 2087
0800 11 0443 or email email@example.com
To report unethical financial activity in the financial services
industry call Tip-Offs anonymous on 0800 313 626 or email: firstname.lastname@example.org