by Andiswa Maqutu

Watching the budget

Mind your Moolah educates pupils on financial literacy

Mind your moolah
Educating pupils on financial literacy

With many South Africans struggling under the burden of debt, a creative collaboration by business and the government aims to provide financial literacy education to pupils.

Feature film Smartbucks 2: Mind your Moolah, a sequel to a comedy-drama released last year, aims to provide saving and budgeting lessons to pupils, particularly those from disadvantaged backgrounds.

A collaboration by various companies including Bidvest Steiner and the National Youth Development Agency, the movie stars local comedian Mpho Modikoane.

"It’s the 21st century and times have changed and so should the kind of education you give learners," said Phemelo Odria, a pupil who was part of the Smartbucks campaign last year.

Ms Odria said the country’s unemployment rate is a constant reminder for her of why she is at school. She now owns a small sweets business for which she has a separate bank account and is now also doing research into which shares she can invest in.

The ratio of household debt to disposal income is about 76% from 52% 10 years ago, and 44% of South Africans say they experience income shortfalls, according to Lungisa Fuzile, director-general at the Treasury.

"If we aspire as a country to achieve a growth rate of 5% and higher, we need to increase investment to 20%-25% of gross domestic product. Currently, this is less than 20%. We also need to increase our savings to match that investment," Mr Fuzile said on Wednesday at the launch of the movie in Sandton.

The movie is a rags-to-riches story that aims to communicate financial lessons about managing cash, saving and budgeting to pupils.

"Last year, the movie reached 15,000 disadvantaged learners in 104 schools across the country" said Ben Kodisang, MD of asset management at Stanlib.

The movie is to be shown at Ster-Kinekor cinemas around the country.

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Issue 58