Story
By Ndodesizwe Mayekiso
Sanlam
Sitting with one of the community leader's and some participants at Platfontein near Kimberley. We had some great conversation around what impact the financial literacy training will have in the community and how it will change their pespective. Platfontein one of the cmmunities that are often faced with racially insensitive financial, systemic or service policies, despite legislative efforts to correct these practices. Thing's like having a good idea or even a good credit score and are refused to access funding from banks.
Financial education is an integral piece in the systemic oppression around access to capital for Native communities.
In our conversation I have discovered that native individuals are also the least likely of any minority group to have emergency funds or a banking/checking account of any other minority population in the nation. So Native families wouldn’t have access to the emergency loans necessary to keep families housed, fed, and safe through the pandemic crisis and its recovery period.
Given this context, Native Communities are disproportionately challenged in creating generational wealth and passing down financial management knowledge to future generations.
Financial education is important for our Native communities because we are building the foundation for lasting generational financial sustainability. Our traditional cultural practices are rooted in sophisticated resource management. When we bridge these practices with western financial management, as seen in our Building Native Communities suite of financial education curricula, Native families take traditional skills and modern financial language to navigate the "western economic systems".
Unfortunately, financial education is not the overall solution to the barriers of financial inequality for Native communities; it is a stepping stone on the long path of creating equity in South African economic system. A lot of interventions are needed in our province, the Northern Cape.