National Teach a Child to Save Day was on - 27 April offers an excellent reminder about the importance of financial education for children.
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Show Notes
National Teach a Child to Save Day was on - 27 April offers an excellent reminder about the importance of financial education for children. The country’s steadily declining personal savings rate is spelling disaster for both individuals and the economy as a whole.
GUEST: Thapelo Tsiu – Senior Manager: Client Education and Implementation at Nedbank
With the mounting financial pressures currently experienced - inflation rates, repo rate increases, increased indebtedness, loadshedding, stagnant salaries– there is no time like the present to mobilise how financial education is key to developing money management skills that can last a lifetime.
At 0,5%, South Africa has one of the lowest savings rates in the world, and this has enormous implications for financial inclusion as well as economic performance. A healthy relationship with money, which includes a commitment to long-term saving, begins young, and so a day like this should be leveraged to get children tuned into the importance of saving.
According to EVERFI, “Developing wise financial habits at an early age can help encourage responsible decision making and a healthy relationship with money before adulthood.”
Saving is an important component of financial education. No matter the age, it is never too early to start educating children on how the banking system works, especially with a savings account. Through imparting a savings culture for our children, we are able to encourage them in forming sound financial habit to unlock financial freedom even in adulthood - which is pertinent.
With the above in mind, a spokesperson from Nedbank would appreciate the opportunity to share insight into the above and below:
1. Why are days such as National Teach Children to Save Day crucial to South Africa?
2. What is the importance of educating children around finances?
3. How do i begin early in creating good financial habits for my children?
4. How can parents lead by example?
5. Can we eradicate poverty and unlock financial freedom through financial education for children?