The Big Drive 4 Financial Freedom
The Financial Planning Institute (FPI), and in support of IOSCO’s World Investor Week taking place from 2-8 October 2017, will embark on a roadshow, between Johannesburg and Cape Town from 27 September – 18 October 2017.
Assisted by our network of CERTIFIED FINANCIAL PLANNER® professionals, we will actively engage with the public, offering free Adult and Young adult FPI MYMONEY123T workshops. The free workshop-based financial education programme is aimed at adults and is introduced through groups; employers for their staff, church organisations, unions, clubs and stokvels etc. It is based on certain core personal financial planning building blocks that include planning with money and managing a personal budget, the downside of personal debt and how to reduce it, as well as linking behaviour, budgeting and debt management to savings and investments. Essentially the “1 2 3” of money – budgeting, debt and savings.
About the FPI MYMONEY123T literacy programme for Young Adults
Since the launch in 2012 of the FPI MYMONEY123T adult programme, FPI introduced a further financial education workshop programme for young adults – typically school leavers, college, university students and first-time job seekers.
The programme is a financial readiness programme that is akin to life readiness, assisting young adults as they transition into adulthood and are faced with making their own financial and life decisions. It focuses on “first time” financial planning events, including:
Using a personal budget plan
Promoting savings and investments
Important tips when renting a flat / buying a car / opening up a bank account;
Many other “starting out” essential money and life skills.
The Institute recognized the need for the FPI MYMONEY123T financial education outreach programme when in early 2012, it found that financial education among consumers was a challenge and that something needed to be done to help consumers make better financial planning decisions.
At the time, household debt amongst South African citizens had swelled to over R 1 trillion. Debt to income ratios were touching 70%. Since then, household debt has risen to R 1.6 trillion, unemployment has increased and many households are one pay check away from poverty.
The ongoing objective of FPI and aim of the FPI MYMONEY123T financial education programmes is to promote professional financial planning for all, creating awareness and starting a conversation about money skills and financial planning.
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