As part of a global collaboration, we are thrilled to announce that Junior Achievement South Africa (JASA) and Volvo Financial Services (VFS) are partnering to advance a common goal of economically empowering youth with financial literacy in South Africa. The strong correlation between financial literacy and economic development is essential to an economy’s ability to implement policy, it is on the back of this knowledge that the South African government offers tax incentives for individuals who have multiple savings and investment portfolios. Providing access to financial knowledge, more households can make informed decisions on saving and investing, leading to higher investment. This starts with early education on financial literacy with only fifty-one (51 %) per cent of South African’s being financially literate. With South Africa poorly ranked for financial competency, the partnership is welcomed and will see over 450 young people across the country become financially savvy.
Over the course of the next year, JASA educators in classrooms, community spaces, and online will be joined by volunteers from VFS to engage young people in educational programmes designed to boost their financial literacy and promote the skillsets and mindsets that lead to financial capability and well-being. Grant funding from VFS will enable students to learn how to create a budget, develop a savings plan, and set personal financial goals. JA programmes provide opportunities for students to apply concepts and skills in real-life scenarios and gain an understanding of the interrelationship between today’s financial decisions and future financial health.
“We believe there is a strong link between a country’s economic development and individuals being financially savvy. Teaching youth financial literacy is important to build thriving communities,” says Nelly Mofokeng, Managing Director at Junior Achievement South Africa.
“We are excited to join together with JASA on this partnership and combine our financial know-how with their educational expertise,” says VFS President Marcio Pedroso. “Together, we can help make an impact in the lives of children around the world by teaching them the skills they need to make sound financial decisions as they mature into adulthood and contribute to economic activity.”
“Young people need access to financial literacy education,” said Asheesh Advani, CEO of JA Worldwide. “JA helps young people navigate towards a financially healthy future by teaching them about the value of money, the importance of making smart financial decisions, and the connection between learning good financial behaviours at a young age to influence their future financial decisions. We are grateful for partners like Volvo Financial Services that share our mission and take responsibility for ensuring more young people access the quality learning experiences they need and deserve.”
Planning and preparation for programme launch has started in earnest. Together we look forward to turning classrooms into platforms of opportunity.