As the story of Odysseus and the Sirens goes, the Sirens were known for their enchanting singing, which lured sailors to their deaths. Odysseus, determined to avoid such a fate, had himself tied to the mast of his ship, giving strict orders to his crew not to untie him, while they blocked their ears until they were safely past the island. In doing so, Odysseus protected his future self from making a disastrous decision that would have led to his and his crew’s demise.
I was reminded of this "Odysseus contract" last week when I found myself trying to convince my son to take his #Visa card to school for a cake sale, the school has gone cashless, but he was adamant he didn’t want to waste money on a cake (mind you, this is my boy who loves anything sweet). His reasoning? He had lost a bit of money that week (the "State," i.e., me, had levied some fines), and he knew if he took his card, he’d be tempted to spend. So, he took measures to prevent his future self from making a decision his present self didn’t want. My 8-year-old was the voice of reason, while I, driven by emotion, not wanting him to feel left out, tried to convince him otherwise.
This experience brought home the importance of instilling financial literacy early on. Last term, my son’s teacher created a mock economy in his class. The kids earned income, paid taxes and bills, faced fines, decided whether to buy or rent their desks and lockers, invested, earned interest, received dividends, and even lost investments. His perspective on money changed completely.
Financial literacy is a life skill. It's a precondition to financial well-being, protecting against financial pitfalls and giving people the confidence to engage with complex financial products. People need to understand the long-term impact of their financial decisions, whether it's accessing retirement savings early or advocating for policy changes.
A few weeks ago, i think we made the drafters of #SDG17 proud, Visa partnered with the FSCA South Africa , @FSCE and the JSE to host the inaugural Financial Education Summit in South Africa. This was one of the projects I started working on in my first few months at Visa, last year. The summit brought together industry leaders to chart a coordinated way forward to advance impactful financial education. Given that less than half of the nation is considered financially literate, it is a critical issue. #staytuned
Read more about the summit and the proposed commitments here: https://lnkd.in/dUkQxQx4
#FinancialLiteracy #FinancialEducation #SDG17 #Visa #LifeSkills #FinancialWellbeing #smallsteps #FESummit2024
Watch key moments from the FSCA's #FESummit2024 where key leaders in the sector discussed the importance of financial literacy for all South Africans and the need for collaborative efforts to improve financial education access.
Together, let's build a financially secure future for South Africa.
#FSCATalks
--PROFESSIONAL TOOL STORAGE CABINETS
3dSome big projects coming your way... Stay Tuned...