The National Treasury and related financial organisations have undertaken what they called a successful campaign to financially educate South African communities.

The pilot initiative "Money Smart Week South Africa" went live in the communities of Mamelodi, Tembisa, Alexandra and Soweto from October 8 to 12.

This is the first time this adaptation of a similar model in Chicago has been implemented in South Africa to create awareness on the importance of consumer financial education.

The campaign, carried out by the National Treasury in conjunction with the Financial Sector Conduct Authority (FSCA), National Consumer Financial Education Committee and the Financial Services Consumer Education Foundation (FSCEF), packaged various financial educational initiatives from both the public and private sector into a series of organised events.

“Money Smart Week SA was the result of herculean effort by a small number of people who dream of making a difference in the financial wellness of South Africans," said Caroline da Silva, an executive at the FSCA. "Money Smart Week SA made a difference in the lives of many."

FSCEF chairperson Prem Govender said the interest shown during the events demonstrated the dire need to provide the public with basic, unbiased information to make them more aware of their rights as consumers of financial products and services.