Financial Services News South Africa

MYMONEY123 aims to improve personal financial planning

The consumer debt report, compiled by debt counselling agency Credit Matters, said more than 8.9 million people are trapped in a debt nightmare. Debt counsellors estimated that more than 50% of consumers may only rid themselves of their financial woes in about 20 years - such is the personal debt load currently.

To help improve consumers' debt situations, The Financial Planning Institute (FPI) launched the MYMONEY123 financial education community outreach initiative during September 2012. The aim of the MYMONEY123 financial education community outreach initiative is to help all South Africans consider and ponder on their personal financial planning responsibilities and goals. The FPI has recognised the need for independent personal financial planning education for all South Africans.

Three critical areas

"Many South Africans have never had the appropriate guidance or opportunity to explore and discuss their personal financial planning needs without the guise to sell them something," explains Nigel Wilmott, developer of the MYMONEY123 material. "People need the essential independent financial planning basic education in place so that they are better equipped to engage the world of financial planning.
MYMONEY123 will start with the basics emphasising three critical areas, namely personal financial management such as managing and implementing a successful personal budget, dealing with debt as well as understanding the basics of savings and investments."

Godfrey Nti, CEO of the FPI says what they are trying to achieve with the programme is equal basic financial literacy for all. "South Africans are currently drowning in debt and as an independent institute, we pride ourselves in taking responsibility in ensuring that consumers are well equipped with the knowledge to yield sound financial decisions."

The programme will be run at various corporates, local community churches, schools or even stokvels, to educate consumers about financial planning and further empower them with financial education that they can use to take control of their personal financial situation.

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