According to the Momentum Financial Wellness study done in 2016, a number of households with members who earned high incomes were not categorised as financially well. This is because despite having the required resources of sufficient income and assets, members of these households were not able to control their finances. South Africa currently has a financial literacy rate of 51%, and our love for bigger houses, bigger cars and lavish lifestyles has resulted in a higher credit use than ever before. Therefore, it is important that you improve your financial literacy, and learn more about planning, budgeting and saving.
There are many short courses and workshops that you can attend in order to improve your financial literacy. At Reckless Lending, we have selected three of the best courses to help you improve your financial literacy, and ensure that you remain debt free.
Truth about Money offers a financial education course that includes debt management tips and estate planning advice. This programme has been used by more than 30 000 South Africans, who each received a certificate after the eight-hour short course – worth R2 500 – was completed, through Boston City Campus and Business Colleges.
1Life sponsors individuals who cannot afford the fee.
IMB runs financial literacy workshops aimed at women, which covers the fundamentals of money and how you can make it work for you. Being able to manage debt more effectively means women will have more disposable income each month to feed their families and pay school fees.
The IMB workshops are open to the general public.
JSE Investor Educational Seminars
JSE offers free educational seminars that are aimed at teaching you the basics about investing on the stock exchange and growing your wealth wisely. Simply subscribe to their newsletter and you will receive the dates and times of the educational seminars.
With the above-mentioned courses and workshops, there is no excuse not to improve your financial literacy, and avoid the possibility of indebtedness and reckless lending.