Stanlib Corporate Social Investment (CSI) has invested more than R30 million in the past five years to empower young people through education and financial literacy.
This was revealed by the investment company’s CEO, Seelan Gobalsamy during the launch of the South African Youth Financial literacy programme in Fourways.
Gobalsamy said more than 60 000 pupils from 300 schools in disadvantaged areas have benefited from his organisation’s Smartbucks initiative which was designed to help pupils understand the importance of borrowing, saving and investing.
“As an investment company, Stanlib is passionate about ensuring that future generations are equipped with a good education and this includes financial literacy skills. An investment in education can fundamentally shift the course of an economy for generations to come,” said Gobalsamy.
The company’s chief economist, Kevin Lings said there was empirical evidence which suggested that the country’s level of education was directly related to the long-term growth of the economy. “This is largely because higher levels of education lead to an improvement in productivity,” he said.
“In addition, an increase in the level of education allows more easily for the development of new ideas and technologies, which boost competitiveness and economic growth.”
This was reinforced by a World Bank report which stated that higher economic performance in the country could be attained by creating a virtual circle of job-intensive growth, improved productivity, higher savings and better education, particularly for the youth who will drive the growth in the working-age population in the coming decades.
“We believe in financial freedom for our customers, and financial freedom should be part of the future of our youth,” said Gobalsamy
“One of the biggest investments we make generates returns that are impossible to measure, because how do you place a value on young people becoming financially free? This is why improving young people’s lives through education, and financial literacy is at the heart Stanlib’s CSI programmes.”
This year’s Smartbucks initiative highlights the company’s passion for a financially free future by encouraging the youth to find their inner millionaires. Pupils across the country have been attending the screening of Smartbucks, Mind Your Moolah which is designed to teach high school pupils the basics of managing money, while entertaining them at the same time.
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