The Johannesburg Stock Exchange in Sandton witnessed the launch of a groundbreaking initiative: the Rethink Rands programme.
Spearheaded by Primestars, and supported by key partners such as MTN SA and FNB, this programme is set to revolutionise financial literacy among South Africa’s youth, particularly those in under-resourced communities.
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Financial literacy is crucial for personal and economic well-being, yet many young South Africans lack the knowledge required to navigate the complex financial landscape.
This lack of understanding often results in poor financial decisions, leading to debt and a cycle of poverty that is difficult to escape.
With unemployment rates remaining high, especially among the youth, the need for effective financial education has never been more urgent.
The Rethink Rands programme aims to address this issue by focusing not just on the numbers, but on the psychology and behavioural economics behind financial decisions.
As Martin Sweet, founder and managing director of Primestars, explained during the launch, “managing money is more about mind than math. We focus on behavioural insights to help our youth overcome the emotional and psychological traps that often lead to poor financial decisions.”
He added that Rethink Rands is designed to empower young people by teaching them how to emotionally connect with their future selves, thereby enhancing self-control and resisting impulsive spending.
“This connection is crucial for building wealth, as it requires sacrificing immediate pleasures for long-term security.”
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Sweet elaborated that the programme will operate in underserved township and rural communities across all nine provinces, offering a range of features including an edutainment film, a practical illustrated guide, cutting-edge e-learning modules, social media engagement, and personalised mentoring sessions with money mentors.
“These resources are intended to equip students with the tools needed to make informed financial decisions, ultimately fostering a generation capable of shaping their own financial futures.”
Sweet emphasised the programme’s commitment to driving empowerment through education, quoting Benjamin Franklin: ‘An investment in knowledge pays the best interest’.
He added that the knowledge imparted through this programme will grant learners the freedom to shape their futures and become empowered adults capable of turning their financial dreams into reality.
The launch also saw strong endorsements from corporate leaders and government representatives.
Lytania Johnson, CEO of FNB Personal Segment, highlighted the importance of reshaping attitudes around earning, saving, borrowing, and investing.
“At FNB, we want to help South Africans thrive,” she said, noting that Rethink Rands aims to guide young people in enhanced money management.
Marina Madale, executive for sustainability and shared value at MTN SA Foundation, described the programme as part of MTN’s mission to contribute to the socio-economic development of youth across South Africa.
“Rethink Rands will lead a financial revolution guiding the youth to navigate today’s complex financial landscape,” she said.
Deputy Minister of Higher Education and Training Buti Manamela delivered the keynote address, praising the programme as more than just an educational initiative but a profound commitment to success and prosperity for the youth.
“The success of our nation depends on the success of our youth,” he stated, reaffirming the government’s support for Rethink Rands.
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