Centurion Pretoria, South Africa
We at MyLife consider financial literacy one of the biggest liberators or gifts to the youth of South Africa.
Financial literacy refers to the ability to understand and apply different financial skills effectively. It is about becoming money-smart.
At birth currently, a newborn baby won’t realise that he or she comes with a price tag of -R70 000, into the South African context. You and I, as part of citizenship, already owes, on behalf of the state- someone in the world R70 000. Either for luxuries, benefits, toll roads, corruption, mismanagement, student fees, etc. This is true of not only the baby, but it’s also true of the homeless, the prisoner, every school child. You and me. 54 million of us. This is the debt accumulated by the state only, excluding your own.
With this as a backdrop to the realisation that one is born into debt, we have to move forward and make sure we master money in most aspects of daily life. So who will teach you? Your parents? Your teacher? More likely you will learn through trial and error. What about risk control?
Financial Literacy is a common denominator– a universal language, yet we will train children on all aspects of life, except to help them to speak the language of money. I have seen top sportsman, surgeons, professors err so badly on financial decisions that it destroyed them, yet I have seen common men like my father leaving my mother well looked after for years after his death.
Hein Kruger from Kruger International believes that the speed of Technological development has accelerated so rapidly that MoneyTime is a necessary tool for children to share in the benefit of our technological wonder era.
I encourage everybody, organisation, religious organisation to engage in financial literacy. Leave no stone unturned, I won’t say it too harshly with the sensitivity of the Covid pandemic and its deadly effects, but the pandemic of financial illiteracy is reaping havoc, social destruction, depression, hardship for longer than we can think.
Dr Kobus Neethling indicated, concerning his new book “Rich Brain, Poor Brain”, that we are restricted in the process wherein financial concepts are taught because we misunderstand children’s brain processes. By focusing on certain aspects, we are not enabling them to approach problems with a “whole-brain” mindset. By excluding the entire brain we only achieve meted successes remaining at a loss on how to teach children wealth-building skills.
MoneyTime is a great tool, it is accurate, hugely scalable, measurable, compensating for our ignorance, it will help us to make up on the lost ground, lost time and lost generations. GIVING HOPE.
Money is a very sensitive aspect of life, especially in South Africa. You have to tread carefully, some children rarely see money in their house, they dare not ask for it, they sometimes fear it. In some instances, they waste it to such an extend to promote themself socially, just to find out years later that their bad debt will sink their dreams to own a car or a house or an education.
MyLife aims to help people to take responsibility for their own lives and living yet enjoy the fascinations of their uniqueness and plan their lives smartly. MyLife is the appointed partner to focus on the distribution of MoneyTime to schools in South Africa. “We are privileged to have MoneyTime as an arrow in the MyLife quiver to develop lifestyle awareness on the financial front.” Says Johan Olivier and MD of My Life Group Holdings.