The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

The KwaZulu-Natal (KZN) Financial Literacy Association, a ground-breaking public-private-partnership initiative championed by MEC for Finance, Ina Cronjé, is setting the pace for financial literacy drives in the country. This has been the opinion of several speakers at the first KwaZulu-Natal Financial Education Conference.

The KwaZulu-Natal Financial Education and Financial Literacy Conference kicked off on a high note in Pietermaritzburg today with the Minister of Finance, Pravin Gordhan, KZN Premier, Dr Zweli Mkhize and MEC Ina Cronjé highlighting the importance of a saving and financially literate nation.

MEC Cronjé said the province wants to enable citizens to take informed financial decisions.

“Those days are gone when financial matters were for the selected few. We are breaking the habit of working in silos and we want people to work together to take this province and our country forward,” said MEC Cronjé.

KwaZulu-Natal Premier Dr Zweli Mkhize said managing one’s finances should become part of everyone’s daily life.

“At the center of much of domestic strife and turmoil is financial management, which makes it important for all of us to learn how to manage the money we have or even the money we don’t have,” said Dr Mkhize.

“I do believe that financial literacy is the cornerstone of all community development initiatives, and if we want to rebuild the small business sector or even in rural development, financial literacy is the key area we need to focus on,” said Dr Mkhize.

Minister Pravin Gordhan said innovation had become the KZN’s tradition. He said the financial education partnership between public and private sectors should be replicated in other provinces. He said the model can form the basis for financial literacy, economic literacy and financial inclusion in South Africa. This initiative can assist people to be well-informed when making choices.

The purpose of the conference is to encourage effective, efficient and appropriate levels of financial literacy and shape the future of financial education in the province and the country. A great line-up of speakers gave different perspectives on the needs for financial education. Topics included current policies, a baseline study conducted on financial literacy in South Africa and KZN in particular, as well as dealing with consumer banking complaints.

The need for financial education at tertiary level and the way to develop long term saving for pension and other expenses were also addressed, while thought provoking presentations were given on debt rehabilitation and the role of non-government and other organisations in advancing financial literacy.

The conference will continue tomorrow, with KZN MEC for Economic Development and Tourism talking about what make cooperatives succeed, while the challenges in evaluating financial literacy campaigns will also be discussed. Several lively panel discussions are expected in the break away groups of the In School Youth; Out of School Youth; Government Employees; Women and vulnerable groups and small medium and micro enterprises.