A key goal of the Masisizane initiative is to foster a savings culture amongst South Africans. To this end, the provision of financial education, enabling customers to make sound financial decisions, is critical. The Masisizane initiative includes a R60 million allocation to make such education available to all consumers, and leverages the “Big 5” secrets of money management.
This initiative champions consumer education for the estimated 19 million citizens in the lower income category. The initiative focuses particularly on educating women, residents of rural and disadvantaged communities, and new entrants to the working sector on how to grow money and protect wealth.
Driving the need for this intervention is the nation’s low personal savings rate, high overall indebtedness and low overall levels of financial literacy.