Hollar StreetWise Finance Basic Financial Literacy Programme (2021) Type of Participants: Participants were drawn from the local CWP (Community Work Programme) Location: Letshego Primary School, Galeshewe , Kimberley. We had the pleasure of training a group from the local CWP (Community Work Programme) This was very inspiring as it was the inaugural session(s) for Galeshewe NC. "The Community Work Programme was established to provide an "employment safety net" to eligible members of target communities by offering them a minimum number of regular days of work each month." www.gov.za. It targets unemployed and underemployed people. The stipend(s) (R780p.m) participants get are meant to be a starting basic income. The participants were at first very sceptical about how they would benefit from financial literacy. Stereotypically they believed that this was for people who were already wealthy ( hadsomething to lose) As the day progressed prior to concluding the last module we all admitted to wanting to be financially secure in our later years. The non-chalant bravado exemplified in our younger years is now giving way to the realisation that most South Africans still will not have enough to retire with modest comfort. Obviously the township being viewed as part of the periphery of the local economy will view some topics differently compared to the formal parts of our economy. Retirement becomes retyrement. Cash is still king for alot of things in the township but the internet of things is on its way to the "Kasie". Insurance for funerals is about dignity. Alot of people take CWP for granted . these are but just a few of the sentiments expressed during the course of the workshop. Module 1 : Needs vs Wants vs Budgeting Many of the partiicipants were aware of the differences between needs and wants. Most expressed the monthly frustration of having to prioritise needs over wants. They also showed much insight on how to stretch your income to last you longer during the month. Alot of the participants were not comfortable with divulging too much on their own personal financial challenges and obstacles. Module 2; Banking , Lending & Saving Banking: A lot of the participants highlighted their financial astuteness when it came to banking. They do not use the ATM unnecessarily and they do their banking mostly through an ÄPP”which is cheaper and in some instances free (data costs excluded) Lending: A lot of the participants understand the concept of being charged interest. Many found the challenge of tracking your monthly interest-repayments daunting. If its with a formal lending institution Saving : The participants were skeptical about the importance of saving in their finanacial lives but this can be attributed to the “”inflationary” times we are living in. This is highlighted further by the things we save for (basic essentials like maize and cooking oil etc.) either individually or in groups formations (i.e Stokvels and Burial Societies) Module 3 ; Insurance This is a very sensitive topic to a lot of the participants. Many would like to leave some contribution to their families when they”pass”on”BUT many cant afford “life-cover”. The challenge of also over and under insuring people in the family and extended family was highlighted by some of the participants. This allowed for a lively debate on the merits and demerits of insuring everyones life in the family.’The facilitator emphasized that he was not financial advisor and steered the conversation more towards the rights and responsibilities of the consumer in such contracts. The CPA (Consumer Protection Act FAIS (Finanacial Advisory & Intermediary Act)) as the law(s) governing how Financial Services Providers interact with us the “consuming public was highlighted”. Module 4 This was another highly charged and emotional subject for the participants. They believe that they will not be able to provide a comfortable (perceived to be) life after retirement. The facilitator highlighted the importance of saving and investing towards this goal like any other financial goal.Many now attribute their perception to what they have always heard about retirement.I.e That it is difficult and its like playing a game of “Russian Roullete” . Many would like to do more for a happier retirement but they do not know how. Tr Conclusion : The training sessions held on the 11th & 12th February 2021 were both humbling and pleasing for all in attendance. We have learned from our side that people are very finanacially aware but this does not translate into making good finanacial decisions. If you teach people about their wants and needs you must also highligght the “Assets” that they currently possess that can be usedto improve their finanacial condition.Sustainable livelihoods go hand-in-hand with finanacial literacy.The facilitator emphasised the fact that he was not a finanacial adviser but they must get in touch with a registered financial adviser. All in all we achieved what we had set out to accomplish I.e.”raise finanacial awareness ammngst the participants” Thank you Robert Thato Mashope