Money Skills for Learners Initiative from MasterCard

MasterCard Worldwide has announced the start of the fourth year of its Money Skills for Learners initiative, an educational programme designed to help Grade 11 high school learners manage their finances responsibly.

This year, the programme features a revised Money Skills for Learners booklet, one that is custom-tailored to the Grade 11 curriculum. Some 200 000 of these new booklets will be available, free of charge, to schools throughout the country from April 2009.

Fostering financial literacy

“MasterCard has long believed that fostering financial literacy is an essential component of its role as a responsible corporate citizen,” said Anthony West, GM Africa, MasterCard Worldwide.

“Throughout the world, the company has demonstrated its commitment to educating consumers on responsible spending by developing programmes that teach consumers sound money-management skills.”

SA poor at saving

Here in South Africa, the Money Skills for Learners programme was developed to address the severe shortage of even the most basic money-management skills. Indicative of this shortage is the country's savings rate, which is currently at about 15 percent of GDP. As Minister in the Presidency, National Planning Commission, Trevor Manuel, has noted, this means that the people of South Africa “save less than almost every major emerging market economy”.

The Money Skills for Learners booklet is authored by Nico Swart, the senior financial lecturer at the University of South Africa. It covers topics such as compiling a budget, managing debt, differentiating between good and bad reasons for getting into debt, how to save responsibly and the basic principles of good investing.

Modified for National Curriculum

In keeping with MasterCard's efforts to have the programme more fully incorporated into the Grade 11 curriculum, the booklet has been modified to align each of the four chapters with the Learning Outcomes stipulated by South Africa's National Curriculum Statement. For example, the chapter headings now include a list of the specific outcomes that each chapter addresses. This should enable teachers to use the booklets more effectively and in line with their current syllabi.

When Money Skills for Learners was launched in 2006, just 8000 books were distributed to 31 secondary schools in Tshwane. Since then, the number of Grade 11 learners that have been exposed to this booklet's invaluable lessons has grown exponentially. Over the past three years, over 2000 South African schools have requested booklets. Feedback has been very positive with teachers citing the book as informative, interesting, relevant and helpful for their learners.

Endorsed by Manuel

In addition to the enthusiastic response that the project has elicited from learners and educators alike, Money Skills for Learners has also been endorsed by Manuel, who wrote the foreword to the booklet, as well as by Education Minister Naledi Pandor.

“MasterCard has long felt that the skills one needs to manage his or her financial affairs are of vital importance,” said West. “We are, therefore, extremely pleased to see this programme progress into its fourth year.”

The initiative, built on collaboration between MasterCard Worldwide, City Press Business, SakeRapport and Dynamic Wealth aims to empower learners from a young age to be in control of their financial future.

Schools interested in obtaining copies of the Money Skills for Learners booklet for their classes can do so by contacting Gladys van Rooyen on or +27 (0) 83 300 8602.