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Home Entertainment Announcements

Rethink Rands: A New Financial Roadmap for South Africa’s High School Youth!

by Mzukona Mantshontsho
August 23, 2024
in Announcements, Club Sports, Community, Entertainment, Events, Featured, Local Business, Local Heros, Municpality, National, News, People, Politics, Provincial, Schools, Schools Sports, Sports
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Rethink Rands: A New Financial Roadmap for South Africa’s High School Youth!
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Financial literacy is essential for personal and economic well-being, yet many South Africans lack basic financial knowledge until it is too late resulting in debt and struggle.

Financial literacy is more than just understanding numbers; it is about understanding life. In today’s world, where financial decisions have far-reaching implications, the ability to manage money wisely is as important as any other life skill.

Unfortunately, too many young people enter adulthood without the basic knowledge required to navigate the financial landscape. This lack of understanding often leads to poor financial decisions, debt, and a cycle of poverty that can be difficult to escape.

South Africa’s high unemployment rate also presents another harsh reality facing our nation, particularly the youth. It could be argued that possessing the wisdom and knowledge to make better financial decisions does not necessarily align with the unemployment problem in the country.

However, the counterargument is that there is correlation between enhanced financial literacy and employment opportunities or even improvement in the day-today financial decisions one makes. It also extends to the sphere of Small and Medium Enterprises and the challenges faced by young entrepreneurs which result in over 70-percent ceasing to operate exacerbating the unemployment crises. For many young South Africans, particularly those in under-resourced communities, financial education is not readily accessible.

The 20th of August 2024 marked a significant milestone in the journey toward financial empowerment for South Africa’s youth as the Rethink Rands Programme was officially launched at the Johannesburg Stock Exchange in Sandton.

The event, hosted by Primestars and supported by key partners such as MTN SA and FNB, brought together educators, corporate leaders, and government representatives, all united by a common goal: to foster an empowered generation.

This initiative is set to revolutionize financial literacy among South Africa’s youth, focusing on the psychology of money and equipping students with the tools needed to make informed financial decisions.

Rethink Rands will run at underserved township and rural communities in all 9 provinces and is specifically designed to empower young people to emotionally connect with their future selves. This connection enhances their self-control and helps them resist the temptation to spend impulsively. Building wealth requires sacrificing immediate pleasures for long-term happiness. For example, we earn money at work to ensure our near-term future selves have food and shelter. We save and invest money so our long-term future selves will enjoy economic security and a good quality of life.

Key Highlights of Rethink Rands:

1. Entrepreneurship: Inspiring a culture of entrepreneurship and wealth creation early in career development. Encouraging youth to identify, create, and capture value in areas not seen by others.

2. Financial Literacy: Providing knowledge to make informed and effective decisions about earning, budgeting, saving, and investing. Emphasizing the freedom to make choices, confidence to take control, and the opportunity to shape their futures.

3. Behavioural Economics: Teaching learners to manage their emotions, biases, and behaviours to increase self-control and avoid financial self-sabotage.

Program Features:

. Edutainment Feature Film: An engaging film that takes high school learners on a powerful experiential journey to understand the influences on their financial behaviours.

. Practical Illustrated Guide: A comprehensive guide with practical tips and strategies for managing money effectively.

. Cutting-edge E-learning: Interactive online learning modules that provide in[1]depth knowledge and skills.

. Social Media Engagement: Active engagement through social media.

. Sessions with Money Mentors: Personalized mentoring sessions to help beneficiaries apply what they’ve learned and make smart financial choices.

Martin Sweet, Founder and Managing Director of Primestars, delivered a powerful address at the launch, emphasizing the programme’s goal of embedding financial literacy in schools across the country. “The Rethink Rands Programme is our commitment to driving empowerment through education,” Sweet stated. “We aim to help the youth establish a financial and entrepreneurial mindset that contributes to success, rather than struggle.”

Sweet highlighted the importance of teaching learners about all aspects of money management, including earning, budgeting, saving, and investing. He quoted Benjamin Franklin, saying, “An investment in knowledge pays the best interest,” and elaborated that the knowledge imparted through this programme will grant learners the freedom to shape their own futures and become empowered adults capable of turning their financial dreams into reality.

The Rethink Rands initiative is unique in its approach, focusing on the psychology and behavioural economics behind financial decisions so not only the IQ of money but more importantly the EQ of money. “Managing money is more about mind than math,” Sweet explained. “We focus on behavioural insights to help our youth overcome the emotional and psychological traps that often lead to poor financial decisions.”

He further emphasised that by addressing the underlying emotional and psychological factors that influence their money-related behaviours, young people can learn to break bad financial habits, and avoid self-sabotage.

Rethink Rands guides young people to earn big, spend better, and save best, turning their future hindsight into their current foresight, enabling them to structure their lives with the end in mind. In doing so, they will save to save South Africa.

CEO of FNB Personal Segment, Ms. Lytania Johnson, emphasised the organisations commitment to empowering the nation saying “at FNB, we want to help South Africans thrive. In a world of instant gratification where little emphasis is placed on savings or financial goals, Rethink Rands aims to guide our young people on enhanced money management. Through this programme we hope to reshape attitudes around earning, saving, borrowing, spending and investing. These are potentially life-shaping interventions for the current and future generation.”

Marina Madale, Executive for Sustainability and Shared Value at MTN SA Foundation said the Rethink Rands programme falls part of MTN’s mission in contributing to the socio[1]economic development of youth across South Africa. She added “Rethink Rands will lead a financial revolution guiding the youth to navigate today’s complex financial landscape. Lessons can easily be forgotten, but habits last forever”.

Group CEO at the Johannesburg Stock Exchange, Dr Leila Fourie, said “in a nation where unemployment is steadily rising and poverty is widespread, entrepreneurship among the younger generation is a proactive way to secure a brighter future. It is in this spirit that the JSE is proud to collaborate with Primestars and the YouthStart Foundation. I am very proud of the initiatives that the JSE has developed as part of our contribution to boosting financial literacy.”

Delivering the keynote address, Deputy Minister of Higher Education and Training, Buti Manamela, described the programme as more than just an educational initiative, but a profound commitment to success and prosperity for the youth.

Acknowledging the generational gap in financial education, he reflected on the hardships faced by many who lacked this essential knowledge and the opportunity this programme presents to rectify past mistakes. He praised Primestars for bridging the socio-economic divide through this initiative, stating that financial literacy is no longer a luxury, but a necessity.

He further commended Primestars, The YouthStart Foundation and all programme partners for levelling the playing field and equipping young people with the tools to rise above their circumstances and reaffirmed the government’s support for Rethink Rands saying “the success of our nation depends on the success of our youth. By investing in their financial education, we are investing in the future of South Africa.”

Mzukona Mantshontsho

Mzukona Mantshontsho

Nyakaza Media Solutions, founded to empower schools, helps learners research, write, and publish newsletters, bulletins, and maintain websites. With a mission to promote dialogue on issues affecting young people, the organisation encourages learners to celebrate excellence, embrace growth, and strive for greatness. Nyakaza Media Solutions aims to foster better individuals and future South African leaders through positive and productive behaviour.

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Nyakaza Media Solutions - Yo School Magazine

Nyakaza Media Solutions, founded to empower schools, helps learners research, write, and publish newsletters, bulletins, and maintain websites. With a mission to promote dialogue on issues affecting young people, the organisation encourages learners to celebrate excellence, embrace growth, and strive for greatness. Nyakaza Media Solutions aims to foster better individuals and future South African leaders through positive and productive behaviour.

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