16 August 2023
Est. Reading: 2 minutes

Empowering Financial Freedom

Empowering Financial Freedom Through Effective Money Management

It is frightening to note that only 49% of South Africans are deemed financially literate, and only 5% of South Africans will be able to retire comfortably. This is according to a recent article published by PocketFin. Personal finances play a significant role in shaping an individual's and even a country's future. We believe that financial literacy is key to unlocking economic participation, active citizenship, and future wealth creation. If we can educate consumers on money matters before they make life-altering decisions, we can significantly improve their lives. Enabled by our financial education funding partners, Avo Vision has trained 491 260 people in financial skills since 2008 and we are determined to continue reaching as many people as possible throughout the country.

Avo believes that everyone needs a little help and guidance when it comes to money matters. Avo trainers work daily to make it easier, more acceptable, and even more comfortable for everyone and anyone to talk about money matters. We recently conducted a session in a very rural area of the Eastern Cape Emabhaceni, where our training partner Bongiwe Mafuya trained over 66 participants who had no idea that there were financial skills programmes that could help them use their money better.

Bongiwe said: "It was a privilege to train the community of farmers, who used to be farm labourers”'. This community has been side-lined for an awfully long time. They are now the beneficiaries of a farm that they used to work on. Skills development, financial skills, and business training will make a difference in how they change how they handle their finances. I had more than 66 participants, and no one wished to go back home because they all valued this first-time financial education training. Their enthusiasm and willingness were encouraging. In each module, they connected the information to their current situation and were willing to implement everything they had learned about to change their financial futures for the better. It was encouraging to see employers from other farms transporting their employees to the training venue. This contributed to how valuable the training was. For this community, our training was the start of many opportunities to come. Participation was 100%, and it made me feel encouraged to continue with this training."

In the current shaky economy, with rapidly rising interest rates, debt, unemployment, and inflation, communities need programmes that provide them with a deeper understanding of money management principles. Financial skills education encourages participants to take stock of their current financial situation and empowers them with the knowledge and tools to plan and make more informed financial decisions. Some of the topics that are covered in Avo’s financial education programmes are Budgeting, Saving and Investing, Money Safety, Managing Debt, Boosting Income, Preparing for Retirement, Youth and Money, and many more.

If your organisation is interested in becoming an agent of change and wants to invest in an impactful cause, connect with us at engage@avovision.co.za. Your BBBEE (CFE) spending and your CSI budget can change so many lives.

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