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Combining KZN Financial Literacy Talent with Study Opportunities

29 November 2013 INSETA
Bongumusa Nkwanyane from Eshowe High School in the uThungulu District beat 11 other finalists to win first prize.

Bongumusa Nkwanyane from Eshowe High School in the uThungulu District beat 11 other finalists to win first prize.

Mr Jaydath Ramsunder (left) participated as an adjudicator on behalf of INSETA.

Mr Jaydath Ramsunder (left) participated as an adjudicator on behalf of INSETA.

The KwaZulu-Natal Financial Literacy Association (KZNFLA) recently partnered with the Insurance Sector Education and Training Authority (INSETA), the Financial Planning Institute of Southern Africa (FPI) and other affiliates, to promote financial literacy among youth in KwaZulu-Natal (KZN). This joint partnership hosted a speech contest amongst high school learners.

Grade 11 learners in KZN were invited to take part in the financial literacy competition and were given the chance to develop their financial management skills and win a bursary for their tertiary studies. The purpose of the speech contest was to present and promote career opportunities in the insurance sector. This objective aligns with INSETA’s bursary programme for unemployed youth. The Chief Executive Officer (CEO) of INSETA, Ms Sandra Dunn, said "We believe that financial literacy should be developed in young people, as the sooner youth become financially literate, the more likely they are to become financially independent.”

The project reached approximately 1 200 schools with the objective of informing pupils on the significance of financial literacy in everyday life. Emphasis was given to the importance of making informed decisions before purchasing any financial products. INSETA has been involved with the KZN Competition on Finance for six years, and now, contributes towards the top prizes such as bursaries and sponsorships.

The final round of speeches and awards ceremony took place on 11 October 2013 at the Majuba Further Education and Training College. The twelve finalists were assessed on their research, content and conclusion of their oral arguments. The winner this year was sixteen-year old, Bongumusa Nkwanyane from Eshowe High School in the uThungulu District. He beat 11 other finalists to win first prize.

Nkwanyane won a bursary to study a Bachelor of Commerce in Financial Planning up to post-graduate level, which will be funded by the FPI. He also won a tablet and an LCD television set. Nkwanyane said the contest taught him how to: have a more positive self-concept; to interact with people and to improve his public speaking. "Of course I am very interested in all things finance,” he said, adding that he would like to pass on the skills he learnt to fellow learners. The runners-up in the competition were Angel Mchunu from Buhlebuyeza Secondary School in the uMzinyathi District and Hafsa Rajab from Orient Islamic School in the Umlazi District. Thanks to INSETA and other sponsors, the runners-up were also awarded lap tops, a degree bursary from PC Training and Business College and other bursaries. The finalists also won mini hi-fi sets, dvd players and other appliances for themselves and their schools. Mr Jay Ramsunder, INSETA Board Member, an adjudicator at the event felt truly privileged to have adjudicated at the function. He noticed a marked improvement in the standard of presentations over the years and was confident that the competition had gone a long way to improving the level of financial literacy in the community where it is most needed.

The KZNFLA was established in 2011 by the KwaZulu Natal (KZN) Finance Member of Executive Council (MEC), Ms Ina Cronjé. The Association seeks to promote financial literacy in the province and now comprises of 100 entities. It co-ordinates and offers financial education to six focus groups: in-school youth; out-of-school youth; women and vulnerable groups; Small, Medium and Micro Enterprises (SMMEs) and co-operatives; government employees and traditional leaders.

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The FPI of Southern Africa is the leading independent professional body for financial planners. Mr Godfrey Nti, the FPI’s CEO, said, "The FPI's mission is to advance the pre-eminence and status of financial planning professionals, while at all times acting in the interests of the society, whom the profession serves.”
INSETA strives to develop the pool and quality of scarce and indispensable skills in the insurance sector, improving the sector and supporting South Africa’s transformation.

The Finance MEC and Champion of the KZNFLA, Ms Ina Cronjé, thanked INSETA for their contribution towards the speech contest in a letter of appreciation, "The MEC for Finance in KwaZulu-Natal and the KwaZulu-Natal Financial Literacy Association would like to extend a heart-felt thank you for your [INSETA’s] generous sponsorship amount of R80, 000, as well as the 12-month bursaries for 2015 for some of the 2013 finalists. The sponsorship enabled us to make this event a success. Thank you very much for also availing Mr Jaydath Ramsunder to participate as an adjudicator.”

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