Financial literacy means many different things to many different people, but here at Young Entrepreneurs Foundation, we believe it forms the basis of entrepreneurship.
Entrepreneurship and small business, as so many studies have shown, not only provide a great number of jobs to the working sector, but the future is dependent on them to continue providing more jobs and secure a better future for all in South Africa.
One of our program testimonials from Aeroville Secondary School gave this feedback on the financial literacy programme.
Lesson 11 – Financial Literacy Means Saving Money
Saving is all about putting away some spare cash every month so that there are savings available for a rainy day. We don’t know what the future holds so this adds some security.
A factor often overlooked is where to save your money. Most leaners admitted they never researched which bank will suit their needs and provide the best returns on their investment.
The activity given to the learners was to research banks, and then each student got a turn to present the best bank for each of their needs and situations. This helps them understand the concept better.
Lesson 12 – Charitable Giving / Smart Shopper
No, we are not referring to Pick ’n Pay here….Most of the community kids enjoyed this lesson as they can so easily relate to it. The goodness of giving shows character and creates a feeling of gratitude in the children.
A great lesson was learned in the video of the young president who rather changed the world than to wait for other people to do it. The greatest lesson learnt by the children is that charity is not only the giving of money but time, talent and skills too.
The term ‘smart shopper’ was also explained. Being a savvy shopper is the difference between establishing a ‘need’ versus a ‘want’. Children can mistake the one for the other very easily. The video presentation and activities are presented in a way that is easy for the kids to understand, and they enjoy it.
Lesson 14 – Investing
The students enjoyed the lesson on investing too, as this is a way to make more money by being smart with your money.
The main focus is on highlighting the different investment vehicles and then describing the different risk profiles and reward ratios based on that. A formula is explained to the students, and this helps them keep track of their investments.
Having adequate information is key before investing and then practising patience is vital too. The students enjoyed the fact that they could make money and more profit from the money they currently have.
Lesson 15 – Insurance
The lesson on insurance, although the most boring to the students, as it is something most people think is unnecessary, it is vital to understand the financial implications to an entrepreneur or business owner if they don’t have it. It could even be as devastating as financial ruin.
The lessons are all aimed at gearing the young entrepreneurs for financial literacy and making sure they understand all the different aspects of finance and how they can prepare themselves to be successful business owners and entrepreneurs.
Helping us reach the children in communities and schools that cannot afford this education is why we established the Young Entrepreneurs Foundation. If you would like to partner with us, we would love to chat with you.