Not understanding how money can work for you, debt, saving, and investing, means that many young South Africans struggle to reach their financial goals. File image: IOL

Not understanding how money can work for you,  drowning in debt, budgeting, saving, and investing, means that many young South Africans struggle to reach their financial goals – which could be anything from buying the next pair of sneakers, to being able to afford 2020’s University fees or renting your first apartment.

Learning the basics of using money wisely should be a national priority. Momentum Metropolitan believes that the financial services industry has a huge responsibility to arm the public with the knowledge needed to manage money - ultimately so that they can lead a financially empowered and secure life.

To bring this to life, the Momentum Metropolitan Foundation has partnered with FunDza Literacy Trust, a South African non-profit organisation dedicated to improving literacy among teens and young adults. Kicking off the partnership is the launch of a free, online financial course that is available to everyone and specifically written to be accessible, fun and easy to complete.  Called FunDza’s “Moving Up with the Majolas” course, each module starts off with a story followed by a related quiz.  

Launched this week the course consists of 10 modules. Over the next five weeks, two modules will be released each week.  To highlight their commitment, those who successfully complete all modules on a course receive a certificate of participation. Those who score more than 75% for the course receive a certificate of excellence. Click on the “Our Offering” tab on the website to start the course.

As if the power of financial knowledge wasn’t enough motivation Momentum Metropolitan and FundDza have added an extra incentive to complete the course – a competition with cash prizes.

"Our CSI attention is purposefully focussed on youth employment as this is where we know the greatest need exists in in our country.  Our Foundation exists to enable the life aspirations and sustainable earning potential of youth through employment programmes and job placement. Consumer financial literacy and education supports the sustainability of these goals and empowers our young workforce," said Charlene Lackay, Head of CSI at Momentum Metropolitan Group.

Momentum Metropolitan’s financial literacy programmes are designed to empower the youth to manage their own finances from the moment they start working. In the 2019 financial period, 40% of the Momentum Metropolitan Foundation spend went towards consumer education.

Supplied by Momentum Metropolitan