Varsity students to benefit from Momentum-SASI financial literacy workshops

Momentum has partnered with the South African Savings Institute (SASI) during Savings Month 2010 to bring financial literacy to hundreds of university students over eight campuses in Gauteng, Limpopo and Mpumalanga.

SASI, a nonprofit organization established in 2001 with a mandate to develop a robust culture of saving in South Africa, is the champion behind Savings Month aimed at raising awareness about the importance of saving.

‘Momentum chose to partner with SASI on financial literacy for university students because we recognise the importance of early intervention and providing the right skills and knowledge to enable students to make informed financial decisions,’ says Nicolaas Kruger, CEO of Momentum.

Elizabeth Lwanga-Nanziri, SASI CEO agrees and says, ‘Many graduates go into the labour market with little understanding of how to manage their finances. As a result, they squander their incomes as soon as they receive their first earnings on ostentatious goods and fall further into debt due to failure to save or budget for their expenses.’

The workshops will focus on basic financial literacy issues including reasons to save, budgeting to save and overall money management principles.

‘Ultimately, we would like to assist students to adopt an enterprising mind and plan for their futures even before they receive their first earnings, hence reduce the pressure on their guardians and the state,’ says Lwanga-Nanziri,

‘We believe that students make up an important part of our society, not just because these will be our future clients but because they are our future leaders. They will make up an important part of our society and I am hopeful that the financial literacy workshops will begin to shift the current ‘bling’ culture into a ‘prudent’ saving culture of our society,’ says Kruger

The workshops will begin at the University of Polokwane Campus on 21 July 2010 and end off in the North West University, Vaal Triangle campus on 5 August 2010. As part of the awareness campaign Momentum is also giving away a laptop worth R5,000 at each campus.

‘But financial literacy is not a once off event, following the savings month campaign, SASI will be extending this programme to the rest of the country and will conduct regular workshops at the various campuses to keep the messages flowing’, says Lwanga-Nanziri.

‘As roleplayers in the financial services industry, Momentum is proud to play a role in raising the level of savings in South Africa. Financial literacy is not just a nice to have but a business and social imperative that will ensure a brighter financial future for our people,’ concludes Kruger.