12 Years- Consumer Financial Education

12 Years- Consumer Financial Education

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.

 

Accomplishments include the following;

  • 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.  


 

If you 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

For copies of our brochures, booklets or leaflets call 012 367 7146 or email: Loshini.Govender@fsb.co.za   

Formal Education Enquiries call Tammy Peyper on 012 367 7148 or email: Tamrynne.Peyper@fsb.co.za

Community Relations Enquiries call Elliot Modisa on 012 422 2838 or email: Elliot.Modisa@fsb.co.za  

For Media Enquiries call 012 428 8109 or email: Lyndwill.Clarke@fsb.co.za

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

Menlo Park

0081

South African

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 info@fsb.co.za

 

To report unethical financial activity in the financial services industry call Tip-Offs anonymous on 0800 313 626 or email: fsb@tip-offs.com

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