Pupils of Phatfwa and Mthombo secondary schools benefitted from a financial literacy initiative called the Star Saver Programme, courtesy of the Safer South African Foundation (SSAF).

The programme was implemented simultaneously at both schools on Monday in commemoration of Global Money Week, observed from March 16 to 22.
SSAF partnered with the Banking Association South Africa to promote the expansion and strengthening of financial literacy among pupils, helping them avoid early financial mistakes that can become lifelong habits, such as failing to distinguish between needs and wants or neglecting to save for emergencies.

“In the current economic climate, with low financial literacy, many families must stretch limited resources, making financial education a practical necessity,” said SSAF CEO Riah Phiyega. “We have been working with schools in low-income communities since 2019 and have observed that learners have limited exposure to everyday financial concepts, such as budgeting, saving, and managing debt, which can shape life outcomes.”

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The foundation noted a pattern of impulsive spending, borrowing from friends, and informal debt among peers. Older pupils may also be drawn into status spending driven by social media and peer expectations, prioritising branded items over saving. Learners often underestimate the true cost of debt, normalising the ‘buy now, pay later’ concept without considering the consequences.

Phiyega said that since 2019, the initiative has reached 11 990 learners across 118 high schools, with a shortened version reaching 9 016 learners. It has also been extended to out-of-school youth, benefitting 754 young people, bringing the total number of beneficiaries to 21 760.

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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 theme, ‘Smart Money Talks,’ the campaign encourages responsible financial behaviour early in life, supporting long-term resilience and reducing vulnerability to harmful financial choices.