Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za

Help at hand to improve SA’s financial literacy

Left to right – Paul Leonard, Grey High School Rector Neil Crawford, Brydon Leonard, and Simon Sonderup

Left to right – Paul Leonard, Grey High School Rector Neil Crawford, Brydon Leonard, and Simon Sonderup

South Africa is at the bottom of the financial literacy class according to a recent study by the Organisation for Economic Co-operation and Development (OECD). The OECD/INFE International Survey of Adult Financial Literacy Competencies questioned 50,000 people aged between 18 and 79 and found that, on average, only 56% of adults across the 30 participating countries achieved a score of at least five out of seven, the minimum target score. South Africa was at the bottom of the list, barely reaching a 30% score.

But help is on its way for all South Africans in the form of a free financial literacy app – the Grey High App.

Grey High School educator Simon Sonderup’s 2014 life-skills booklet, “Don’t Be Fooled, Make Smart Decisions”, has been converted into the Grey High App by Brydon Leonard of Hello World Code, and is now available for free download in the Google Play Store.

“It’s aimed at those starting out in life – school leavers and graduates – and is available in English, Afrikaans and Xhosa” says Sonderup. “The app aims to promote responsible financial management so that readers can avoid making financial mistakes as they start their working lives. I strongly believe that having financial knowledge now will save financial stress later and equip youngsters to avoid potential pitfalls in everyday life.”

“But”, adds Paul Leonard CFP®, regional head (EC) at Citadel who has partnered with this project, “this app has many more uses. Teachers can use it as a resource for themselves as well as a classroom tool. The app complements the Mathematical Literacy and Life Orientation syllabuses and the content can serve as a point of departure for teaching concepts in these two subjects.”

It may be aimed at school leavers and graduates, but the app has practical knowledge and application for anyone wishing to learn more about financial matters and to develop crucial life skills.

The app provides information on all aspects of personal finance, from buying a car to understanding compound interest to managing debt and credit rating. Each topic looks at certain preconceptions which readers may have, such as: “I will look after things; I don’t need insurance” and “A car is cheap to own”. The reality is then discussed – for example, why certain insurance is worth having and that cars are actually expensive in South Africa.

Readers will learn about how each aspect of personal finance works, including examples and calculations. In the retirement section, for example, a table shows how much you would need to save each month at different starting ages in order to generate R10,000 a month when you retire. Common pitfalls are also explained and a list of tips is provided to help readers make the best decision.

Sonderup continues, “It is important to note that the information provided in the app should not be taken as financial advice, but rather for financial empowerment. One of the aims of the app is to contribute towards reducing the personal debt of South Africans.”



Latest


01 Aug 2020
Achieving balance is not as easy as 60/40

By: Tumi Loate: Investment Team Member, 36ONE Asset Management A simple and traditional balanced portfolio, which allocates 60% to equities…

Achieving balance is not as easy as 60/40

By: Tumi Loate: Investment Team Member, 36ONE Asset Management A simple and traditional balanced portfolio, which allocates 60% to equities and 40% to bonds (a 60/40 allocation) irrespective of the cycle, has produced more than satisfactory returns for global investors over the last two decades. Importantly, however, these returns have…

01 Aug 2020
2020 – a rollercoaster ride

By: James Klempster, CFA, Director of Investment Management, Momentum Investments How to sum up 2020 so far?  A rollercoaster is…

2020 – a rollercoaster ride

By: James Klempster, CFA, Director of Investment Management, Momentum Investments How to sum up 2020 so far?  A rollercoaster is probably the best way to describe it; both from an emotional perspective but also in terms of what the markets have been up to. Over the first quarter, market participants went…

30 Jul 2020
Income protection could be the best investment you ever make

According to the recent Stanlib Savings Report 2020, Covid-19 has highlighted how unprepared South Africans are for unforeseen financial shocks…

Income protection could be the best investment you ever make

According to the recent Stanlib Savings Report 2020, Covid-19 has highlighted how unprepared South Africans are for unforeseen financial shocks – and left without a steady income flow, many have had to dip into long-term savings to fund day-to-day expenses. Part of the reason is that South Africans tend to…

29 Jul 2020
Building a business legacy takes planning

By: Gerhardt Meyer CFP®, Head of Technical Support, PSG Wealth Running a successful business takes a sizeable financial investment. However,…

Building a business legacy takes planning

By: Gerhardt Meyer CFP®, Head of Technical Support, PSG Wealth Running a successful business takes a sizeable financial investment. However, many business owners fail to plan for what happens should they die, become disabled or lose one of their key employees because of these very reasons. If you are a…


Top stories


10 Apr 2020
When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved…

When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved to be most enterprising in acclimatising to challenges as they arise.

13 Apr 2020
Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19…

Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19 environment and what form a global market recovery will take.

13 Apr 2020
SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The…

SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The draft Bill, together with its explanatory memorandum, provides clarity with regards the tax relief measures President Cyril Ramaphosa announced on 23 March.

11 Apr 2020
Finding investment opportunities among the many COVID-19 risks

With many countries around the world in lockdown as they try to contain the spread of the COVID-19 virus, the…

Finding investment opportunities among the many COVID-19 risks

With many countries around the world in lockdown as they try to contain the spread of the COVID-19 virus, the global economy is facing an unprecedented situation of balancing health against financial livelihoods.