IS FREEDOM REALLY FREEDOM IF WE AREN'T FINANCIALLY FREE?
Empowering the Next Generation through Financial Literacy: A Responsibility We Share
This Freedom month aligned to 27 April National Freedom Day. We put a spotlight on Financial Literacy.
This day commemorates the first democratic elections in 1994, symbolizing liberation and the promise of equal opportunities for all. As we reflect on the significance of Freedom Day, it is vital to recognize how financial education contributes to the broader ideals of freedom by equipping young people with the tools to achieve economic independence.
The Urgent Need for Financial Literacy in South Africa
Freedom Day reminds us of the strides made toward political equality, but economic freedom remains a challenge for many South Africans. According to the 2023 FinScope South Africa survey, only 51% of South Africans are financially literate, and nearly half lack basic financial planning skills. Without long-term financial goals, many continue to face cycles of poverty and economic vulnerability.
This challenge is not unique to South Africa. Insights from Junior Achievement's "Money Without Borders" survey reveal that only 27% of teens globally do not believe national governments have the most influence on the global economy. Instead, they perceive "mega-rich" individuals (20%) and large corporations (19%) as key players. This perspective underscores a growing awareness among youth about shifting geopolitical power dynamics but also highlights gaps in understanding how to navigate these changes effectively.
Financial literacy is more than just managing money—it empowers individuals to make informed decisions, avoid debt traps, and explore entrepreneurship with knowledge to navigate the changing power dynamics. These skills are critical for achieving true freedom, enabling individuals to build secure futures and contribute meaningfully to their communities.
JA South Africa’s Role in Financial Education
Junior Achievement South Africa (JA South Africa) plays a pivotal role in advancing financial literacy as a form of empowerment.
In celebration of Financial Literacy Month and Freedom Day, JA South Africa will implement its JA More Than Money program at Moletsane Secondary School in Soweto on April 25, 2025. JA’s More Than Money Program lays the foundation for understanding money, and the basic concepts of money i.e. spending, saving, investing aimed at grades 5 - 7 learners.
Supported by Investec’s #Give4Impact Employee Contributions, this initiative equips learners with essential knowledge about earning, saving, spending wisely, and entrepreneurship.
We also have the The JA My Money Business Program (My Money Biz) designed for high school learners in grades 8 - 11 learners with a focus on the motivations on the use of money through learning the basics of money management, establishing good financial habits which can carry over into adult lives.
Bridging the Gap Between Dreams and Opportunities
Freedom Day celebrates the right to dream of a better future; financial literacy bridges the gap between those dreams and reality. Programs like JA More Than Money empower learners to make responsible choices that pave the way for economic independence.
The "Money Without Borders" survey also highlights how teens primarily learn about investments from online videos (51%), family members (32%), and social media influencers (26%), with only 21% receiving this education in school. By integrating financial literacy into schools and community programs, initiatives like JA South Africa’s ensure that young people have access to reliable knowledge sources.
As Nelson Mandela once said, “Money won’t create success; the freedom to make it will.” Financial literacy provides young South Africans with that freedom—the ability to navigate complex financial landscapes and seize opportunities for growth.
A Collective Responsibility
Just as Freedom Day was achieved through collective action, advancing financial literacy requires collaboration among businesses, educators, policymakers, and communities. Integrating financial education into school curriculums and fostering public-private partnerships are critical steps toward ensuring that all young South Africans have access to these life-changing skills.
Freedom Day serves as a reminder that true liberation extends beyond political rights; it encompasses economic empowerment. By prioritizing financial education today, we honor the legacy of those who fought for freedom while equipping the next generation with tools for lasting prosperity.
Conclusion
As we celebrate Freedom Day this April, let us also commit to advancing financial literacy as a cornerstone of economic empowerment. The journey toward true freedom continues—not just in commemorating past victories but in creating opportunities for future generations. Financial literacy is not merely a skill; it is a shared responsibility and an essential pathway to realizing the full promise of Freedom Day.
Read more on JA Worldwide’s work here.
Author: Bernadette Bule