Upskilling 20 000 young people with critical financial education
In a nation where just 51% of the population is financially literate, it’s critical to make financial education innovative, relatable and accessible. Recognising this, the Sanlam Foundation and WaFunda have partnered to provide 20 000 young people with free access to Blackbullion South Africa – a youth-focused digital financial education platform.
“The initiative sets the stage for a future where critical and life-changing financial knowledge is no longer in the hands of a few, and the ability to make informed financial decisions and achieve self-sufficiency is accessible to every young South African,” says Leana de Beer, WaFunda founder and CEO.
Nozizwe Vundla, head of the Sanlam Foundation, adds: “This partnership gives us a unique opportunity to economically empower thousands of young South Africans, to help bridge the current financial education divide. This aligns with our north star, and we hope to see it make a material difference to these young people’s lives. Mastery of personal finance skills unlocks independence, socio-economic inclusion and a future-oriented mindset, where an individual can begin to build wealth with a long-term view.”
How the platform works
Blackbullion is a global, award-winning financial well-being platform used by a million young people across the United Kingdom, Australia and New Zealand. Its local iteration, Blackbullion South Africa, is one of the nation’s leading youth-focused financial education platforms, which comprises interactive courses and tools to equip users with essential skills to manage their money. It’s engaging, easy to use and data-lite, making it ideal for young South Africans.
It covers foundational financial concepts such as saving, budgeting, investing and managing debt, through short, impactful lessons that encourage healthy financial habits and behaviours. These core capabilities give emerging generations the resilience and knowledge to navigate decision-making in a country known for debt and conspicuous consumption. To combat South Africa’s notoriously low household savings rate, it’s imperative to instil solid financial understanding, so people save and invest whenever they can.
Changing the nation’s narrative
Vundla says, “As the largest non-banking financial services provider in Africa, Sanlam believes that financial education is the cornerstone of our promise to empower generations to be financially confident, secure and prosperous. Financial literacy is key to improving positive financial behaviour and ensuring financial resilience and prosperity. This is why the Sanlam Foundation continues to partner with organisations that help us upskill individuals through facilitated consumer financial education programmes. Our foundation reached 38 934 CFE beneficiaries in 2023, and this new initiative amplifies this in a very real and tangible way.”
De Beer concludes, “Most young people in South Africa never learn how to manage their finances well, as financial literacy is not generally part of our schooling curriculum. Understanding personal financial management empowers individuals with the necessary tools to navigate today’s increasingly complex financial systems with confidence. Seventy-five percent of Blackbullion South Africa users cited it as their primary source of financial knowledge. It’s a crucial life skill for making good decisions and increasing financial upward mobility.”
Image credit: fabrikasimf/Freepik
