Debt levels in South Africa are at unprecedented levels, with the average size of a loan increasing by 45% since 2016, according to DebtBustersâ Debt Index. Add to this rising interest rates and increasing inflation and the financial health of many South Africans is concerning. Two parties that aim to make a positive impact on the financial outcomes of South Africans are index investment business, Satrix and virtual event company, Creative Space Media.
The two have partnered to provide investment literacy to the youth of South Africa before they leave school via a virtual financial literacy platform for Grade 11s and 12s – the newly launched Money School.
Duma Mxenge, Business Development Manager at Satrix says children who are provided with good financial education as they grow up are less likely to get into debt and are better prepared to save and invest. âThis principle is driving our decision to partner with the Money School.â
He says, âAs a business, we are deeply committed to democratising investments and communicating to South Africans just how accessible, affordable, and powerful investing can be â for financial resilience, wealth creation and inter-generational wealth transfer. If the core principles of growing wealth, rather than living beyond your means, can be landed early, an individualâs financial journey can be a very successful one.â
Duma says the Money School digital platform will serve learners content around all aspects of financial health, with Satrix spearheading three of the modules focused on investing.
As South Africa’s pioneering index-tracking provider, Satrix offers accessible, affordable investing via its digital platform SatrixNOW. Investment topics will include: Why investing is so important, setting financial goals, risk versus return, sharpening money decisions and understanding interest and investments.
According to Money Schoolâs Sizwe Zim, âThe Money School aims to equip teenagers with the basics of money management, including the power of investing, as early in life as possible. It will help the next generation of South Africaâs youth better navigate the debt and credit traps, and to take advantage of the power of compound interest for the duration of their working lives.â
By using a digital platform, very engaging speakers and a TV-style set, the school will make the content fun for learners.âWe urge schools and individuals to sign up and to become more financially savvy. We see this as a long-term initiative that will provide valuable insight to empower our youth. Thank-you to Satrix for partnering with us on this important venture,â says Zim.
To date, there are already 67 schools signed up from across the country. Any schools or individuals interested in signing up for Money School, launching on 6 October, can contact 011 467 3341 or email admin@creativespacemedia.co.za.
