Loxion Express in partnership with My Life visited Ditawana Primary School with an effort to follow up the schools progress on financial literacy.
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The visit comes after the team recently hosted their first financial literacy competition together with a financial literacy programme which is aimed at teaching learners between the ages of ten to 14 on how to use money wisely.
As part of the programme, the registered learners successfully completed free three modules on the Money Time Financial Literacy programme which challenged them to solve money related scenarios and were later awarded certificates, medals and cash prizes for their participation.
Money Time is a web-based, self-taught financial literacy programme for financial literacy.
According Johan Olivier of the My Life initiative, the aim of the programme is to reach at least 5.4 million learners, for them to become financial literate and utilize their own personal resources so that they can understand how to skilfully use money and have a model in their minds that will help them understand their life process with money and the role it plays in their lives.
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“In the education process of money we have to try and show a child that there is more to money than to he or she already understands.
“We have to bring them skills on how to spend, save and invest but using the modelling framework from the Money Time programme which helps us simulate everything, even when the child does not have access to money.
“The biggest thing about this concept is that we can change the learner’s mindset and all the negative experience they have with money,” Olivier said.
He added that schools and parents play an important role on how children see and spend money.
“We understand that the experience of money is very diverse from child to child, this is why we tend to use their aspirations to figure their experience as their encore point and work from there to understand their experience of money.”
With over 15 years of experience in financial literacy, Oliver points out that the society has an effect on how we spend money and that bad money spending habits can be transferred to the children
“We also need to look at the influence of society on money. For example, at a tender age of three a child is already influenced by their parent or guardian as they see how they spend money, either carelessly or wisely.
“This is very dangerous because if spent carelessly, the child may then not see the value of money being spent and this will affect their future.”
Siphiwe Ngema of Loxion Express said, “Financial literacy is one of the most important life skills we can give our children, and with generosity, we can be more effective in our dream of creating a better South Africa.”
For more information, readers can visit the Money Time web site on moneytimekids.co.za.
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