The Insurance Sector Education and Training Authority (Inseta) partnered with the KwaZulu-Natal Financial Literacy Association to promote financial literacy among Grade 11s through a recent speech contest.
The uMfolozi FET College Esikhawini in Mpangeni was the venue for the financial literacy competition during which Grade 11 pupils from all over KwaZulu-Natal had a chance at developing financial management skills and win an educational bursary.
This initiative targets a large number of rural schools in KwaZulu-Natal, and has a dedicated focus on the promotion of insurance as a career of choice, which is in line with Inseta’s bursary programme for unemployed learners.
“Inseta is supportive of any initiative that empowers consumers. It is important that financial literacy awareness is established early in life. The sooner people become aware of financial literacy, the more likely they are to become financially independent,” said Inseta CEO Sandra Dunn.
The competition that celebrated its sixteenth anniversary this year, targets about 1 200 schools with the objective of helping pupils see the importance of financial literacy in everyday life, as well as to make informed decisions before purchasing any financial products.
Chairperson of the Financial Intermediary Development Trust, founder and custodian of the speech contest, Mandlenkosi Artwell Hlengwa, says: “Learners need to know more about budgeting, savings, shares and investments – they need to be financially literate.”
The competition consists of five different levels, at each level students present a five-minute speech and the winners of each round progress to the next, until they reach the final stage.
All 12 finalists and their schools receive prizes which include laptops, TVs and DVDs.
Inseta has been involved with the KZN Grade 11 "speech contest on finance" for about five years and now contributes towards the top prizes.
Winners were judged on their research, content and conclusion of their assigned topic. This year’s winner was Mondli Ngwenya of Ferrum High School in the Amajuba District.
He won the top prize of a bursary for an undergraduate degree – and a postgraduate degree in financial management at any university of his choice.
The future of the financial sector seems brighter now that this group of learners are well on their way to financial literacy.
