Importance of financial literacy for youth under spotlight

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The Deputy Principal at Centennial Schools, Joseina Ramgareeb, says it’s crucial to build a financially literate society, especially starting with the youth.

South Africa has one of the lowest rates of savings in the world. In addition to being a problem for households, poor personal saving practices may also have a negative impact on the economy as a whole.

Ramgareeb, says budgeting and understanding how to allocate towards savings is a skill that should be instilled in children.

“A tip for parents and teachers, parents can start this journey by introducing savings at home in a form of a piggy bank, and as the child grows they learn about financial savvy. For me, the real issue is starting with any amount of money, getting the youth to track their spending. We can also invite commercial banks to speak to students about opening up a savings account.”