The Midlands leg of the Star Saver Financial Literacy programme kicked off in early April 2024 with as many as eight schools benefiting from financial literacy lessons brought by banking sector giant Nedbank in collaboration with the innobiz DUT Centre for Entrepreneurship and Innovation.  

At the heart of the programme is teaching school children the value of money from an early age to help them make wise financial choices that will eventually help them have secure financial futures as adults, thanks to a solid foundation laid early in their lives.  

In a groundbreaking partnership, the innobiz DUT Centre for Entrepreneurship and Innovation, Centre under the office of Research, Innovation and Engagement, joined forces with financial services leader Nedbank to empower school learners in Imbali Township and the Greater Edendale area. Through comprehensive sessions, students gained invaluable insights into money management, including saving, budgeting, spending, and investing. The impact was profound, leaving them inspired to make wise financial decisions. 

Professor Fulufhelo Nemavhola, the Deputy Vice-Chancellor for Research, Innovation, and Engagement at DUT, expresses profound gratitude for the opportunity presented by this initiative. “At DUT, our fundamental mission is centered on societal impact and upliftment, and we deeply appreciate the chance to further this commitment. Our ENVISION2030 initiative highlights the critical significance of societal impact, innovation, and entrepreneurship, all of which align closely with Nedbank’s expertise,” Professor Nemavhola stressed the vital role of collaboration in effectively meeting the needs of our society 

The two strategic partners, innobiz and Nedbank, crisscrossed schools in both Imbali and Edendale delivering captivating lessons on financial literacy. 

In a dynamic collaboration between Nedbank and innobiz, learners were equipped with vital skills right at their doorsteps, empowering them with the knowledge to make informed financial decisions. This not only enabled them to contribute meaningfully to the country’s economy but also played a significant role in alleviating poverty. 

The partnership between the two organizations speaks to the values envisioned in Durban University of Technology’s (DUT) ENVISION2030 strategy which calls for a societal impact and seeks for a society that leads to mutually beneficial collaborations.  

The collaboration also rubber stamps DUT’s constant drive to have people who will participate productively in the development of our region, country, and the world.  

Commenting on the initiative, Ms. Ntokozo Ngcobo, Centre Manager, highlights the significance of The Star Saver Financial Literacy Programme, a vibrant collaboration between innobiz DUT and Nedbank. She underscores its pivotal role in embodying our steadfast commitment to societal enrichment and holistic education, as outlined in DUT’s visionary 2030 Statement of Intent and meticulously crafted ENVISION2030 strategy map. “By instilling students with financial literacy from their earliest years, starting from primary grades, the programme transcends conventional education, empowering future generations to navigate their financial landscapes with acumen and confidence. Beyond addressing immediate educational needs, this initiative is a catalyst for economic stability and individual prosperity. Through seamless integration into the curriculum and an engaging format, the programme ensures that students develop essential financial skills, setting them on a trajectory towards lifelong financial security,” Ms. Ntokozo Ngcobo explained. 

Ms. Fundiswa Zuma, a Strategic Relationship and Consumer Education Manager with Nedbank’s Financial Wellness Division, explained that the Star Saver programme, mandated by the Banking Association of South Africa (BASA), was designed for learners in both primary and high schools. 

“Star Saver starts from grade 7 to grade 9 and then we have financial literacy from grade 10 to grade 12. The reason Star Saver starts from grade 7 to grade 9 is because it is aligned to the EMS (Economic and Management Sciences) curriculum,” Ms. Zuma explained. 

The Star Saver programme, Ms. Zuma said, was endorsed by the Department of Basic Education to emphasize the importance of saving from a young age. 

“This is so that we do not see our young ones become statistics, when they are older, of the people who are living beyond their means or the three out of five South Africans who are failing to pay for their debts.  

“The best way for us to address this issue is to start speaking to them now at a very young age and they grow with this concept of saving from their pocket money up until they go to university, and they start working, they do so with an understanding of the importance of saving,” Ms. Zuma said.  

As part of the programme, learners were quizzed by Ms. Zuma during her sessions on several banking aspects including the type of various services rendered by banks and for their efforts in answering they received prices including wallets and piggy banks to further drive home the point to save money.  

Mr. Bheki Madlala, the Principal at Ekukhanyeni Special School, thanked both Nedbank and innobiz for availing the programme to his school, adding that it would go a long way in empowering his learners with the critical skills needed to manage their money.  

“The knowledge that you have imparted upon the learners here today will stand them in good stead for their futures. This knowledge also reinforces what they are taught in class. 

“It will help them make wise financial decisions in their future because they have been well trained in understanding savings, investments and understanding that money is not to be squandered, but it is to be saved, particularly because they also get disability grants from the government,” Mr. Madlala said. 

Mr. Clint Thompson, a Grade 6 English teacher at KwaMpungose Primary School in Snathing, thanked both Nedbank and DUT for their collaborative efforts in bringing the Star Saver programme to schools in the townships and semi-rural areas such as Snathing.  

“This is an important programme that is quite eye opening for our learners and also to tap into their understanding of financial literacy while also building on to what they know from the EMS curriculum as some of them are in grade 6, and they will be going to grade 7 and these are topics they will be dealing with in EMS,” Mr. Thompson said.  

He further explained that the programme was key for the learners to be acquainted with money saving skills and making them aware of different kinds of savings. 

“It is going to make a difference in the learners’ lives, particularly considering the economic turmoil we are currently facing, it is really going to make an impact in having them become financially aware at an early age,” Mr. Thompson said.  

Makabongwe Khumalo, a Grade 7 learner at Nansindlela Primary School, said that the programme had been an eye opener for her, particularly in teaching her how she can use the pocket money that her parents give her each school day sparingly.  

“I learnt so much about how I can save at least half of the money my parents give me, how I can also have an account with Nedbank free of charge at my age, and how to save and budget for the things I want to buy instead of spending the money and end up asking my parents to buy me stuff that I want,” Makabongwe said. 

Nathi Ndlangisa , Senior Market Manager at the Nedbank Hayfields branch in Pietermaritzburg, lauded the programme, saying that it was critical to plant the seed of awareness for finance, which is imperative in society, particularly for the youth. 

“We must start young to empower and to teach our children how to use money, how to save, because they will be empowered going into the future as well as to make good financial decisions,” Mr. Ndlangisa said. 

Touching on the significance of the strategic collaborations between institutions such as innobiz DUT and Nedbank in bringing crucial educational programmes to communities and schools, Ndlangisa said communities get to see that they were not neglected by big corporations and institutions.  

“It is an example to them that the people from these corporations and institutions are there for them and they can find out about a variety of things, including options to study, and even products from the bank that they can help their families with. 

“Strategically it’s not just only about coming here for the kids, but it’s to show that we are looking out for them as a community, we are supporting the children, the schools and we just want to better the society and communities that we live in,” Mr. Ndlangisa explained.  

In closing, Mr. Khothatso Memela , Community Engagement Coordinator at innobiz, described working alongside Nedbank in the Star Saver programme as an exciting experience because financial literacy formed a core part of innobiz’ Adopt A School initiative. 

“With the understanding that the core mandate of the Adopt a School initiative is to promote and inspire entrepreneurship amongst primary and high school learners, therefore making financial literacy a core part of entrepreneurship. Lack of financial literacy is one of the main reasons why most businesses fail,” Mr. Memela remarked. 

He went on to add that a lack of financial literacy was a growing concern in South Africa, saying that statistics revealed that about only 26% of the South African population have savings for rainy days. 

Mr. Memela added that one of the big challenges confronting South Africans was the limited access to financial literacy education which can empower the country’s populace people to be financial literate and to be able to make informed or smart financial decisions. 

“We are grateful for this programme and encourage more players within the financial services sector to engage in such initiatives as most schools do not have proper financial literacy education, subjects, or module. 

“They mainly rely on subjects such as EMS or Economics, which don’t provide comprehensive skills to students so that they can manage their finances effectively,” Mr. Memela explained further explained.