The National Consumer Financial Education Committee (NCFEC) is an entity comprising a variety of stakeholders (of which the FPI is one) in the financial education sector. The NCFEC was established to secure active involvement, collaboration, and coordination of various stakeholders in consumer financial education. In part fulfilment of its mandate, the NCFEC established Money Smart Week South Africa (MSWSA), a financial literacy campaign aimed at motivating and empowering South Africans to become more educated about their finances.
The NCFEC’s MSWSA annual events are inspired by and adapted from the Global Money Week (GMW). The GMW, which celebrates its 10th Anniversary this year, aims to empower young people with the knowledge and skills necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience. The targeted reach of the NCFEC is wider, however, the NCFEC considers financial literacy initiatives necessary in South Africa (SA), given the high rate of youth unemployment and low rates of household savings. That said, the NCFEC has adopted the Global Money Week Theme for 2022 which is “Build your future, be smart about money”, with some sub-themes to ensure the relevance of the theme to the South African landscape.