The Safer South Africa Foundation (SSAF) and the Banking Association South Africa (BASA) are calling for the expansion and strengthening of financial literacy among learners to help them avoid early financial mistakes that can quickly become lifelong habits such as failing to distinguish between needs and wants and not saving for emergencies.
Commenting at the start of Global Money Week (GMW), taking place from today until Sunday, SSAF CEO Riah Phiyega said that, in today’s strained economic climate and low financial literacy environment, many families are forced to stretch limited resources, making financial education a practical necessity.
“We’ve been working with schools in low-income communities since 2019, and we’ve observed that learners have limited exposure to everyday financial concepts that can shape life outcomes, such as budgeting, saving and debt,” Phiyega said.
SSAF notes a common pattern of impulsive spending, borrowing from friends and then borrowing again to repay, creating a cycle of informal debt and pressure. Older learners may also be drawn into status spending driven by social media and peer expectations, prioritising branded items over saving. In addition, learners often underestimate the true cost of debt, normalising “buy now, pay later” thinking before they have stable income.
SSAF’s participation in GMW is strengthened by its partnership with the Banking Association South Africa (BASA), formalised through a Memorandum of Understanding in 2019. Dubbed the StarSaver Programme, the initiative has reached 11 990 learners across 118 high schools, while a shortened version has reached 9 016 learners. The programme has since been extended to out-of-school youth, with 754 young people benefiting so far, bringing total beneficiaries to 21 760.
Through this collaboration, SSAF adopted BASA’s StarSaver Financial Training Programme into the Foundation’s flagship Communities and Justice Programme (CJP), responding to an emerging trend of youth-related harm and crime linked to money pressures and risky financial behaviours.
The StarSaver Programme is delivered by The Banking Association South Africa (BASA) member banks, with financial sector professionals dedicating their time to educate learners about the financial world, including the importance of short- and long-term saving and responsible financial decision-making. In implementing the programme, SSAF has been supported by BASA member institutions such as First National Bank, Nedbank, Absa, Old Mutual, and Ithala Bank.
Global Money Week is an international campaign that promotes financial awareness and equips young people with the knowledge and skills to make informed money decisions. Under this year’s “Smart Money Talks” theme, the campaign encourages responsible financial behaviour early in life, supporting long-term resilience and reducing vulnerability to harmful financial choices.
“Financial literacy is not only about rands and cents, it is about dignity, choices, and a safer future,” said Phiyega.
“In the economic reality many families face today, we cannot afford to leave young people to learn these lessons the hard way. Global Money Week gives us a platform to act, together,” she concluded.
