By Mzukona Mantshontsho
South Africa continues to rate poorly in terms of savings among adults and youth.
The financial literacy baseline study, which was undertaken by the Financial Services Board (FSB), revealed several statistics about young people aged 16 to 19. The study found that the majority of young people would prefer to spend money than save it; that the majority of young people never enjoy dealing with financial matters and that young people are least likely to stay within their budgets.
Your parents play a critical role in teaching you savings behaviour and if your parents are like most others, they put away some money for you and are responsible in doing so.
When parents do not teach teens to save, they inadvertently do not foster the right savings habits. Your parents want to do everything for you, and by seizing the opportunity to foster financial literacy through education from a young age, they’re setting you up for a financially secure future.
Mzukona Mantshontsho is the founder of Nyakaza Media Solutions. Nyakaza Media Solutions is an organisation that was established to help community organisations, business entities, and schools to research, write, document, report, analyse, edit, publish newsletters or bulletins in hard-copy, on-line and maintain websites with the relevant content as per the editorial policy of that organisation, school or entity.
Nyakaza Media Solutions has a vision to promote and bring dialogue to communities, businesses and schools about issues that affect them.
Nyakaza Media Solutions is on a mission to develop and encourage communities, businesses and learners to celebrate the good, applaud excellence, welcome growth, strive to be better individuals, businesses and communities, want more knowledge, discourage bad and counter-productive behaviour as well as communities, businesses and learners that want to be great SOUTH AFRICANS.
Nyakaza Media Solutions is making use of Yo School Magazine as a platform that learners in all schools to make use of to write their stories.