The Guard

The Truth On Board

Financial literacy workshop lauded

By Libuseng Nyaka

QWAQWA – Stokvels, burial societies and tuckshop owners say the tips and information they have acquired from the financial literacy workshop will help them use the money that they have saved for the whole year wisely.

Modiehi Lebopo of Ikemeleng Funeral and Foods described the workshop as informative and eye opening.

“I am happy that I attended this workshop, especially now that we are going to share our stokvel proceeds. I will be very prudent when I spend my hard earned money. I will ensure that I do not get too excited and instead stick to my budget.”

Sharing same sentiments was Mantsoe Motiki, who owns a tuckshop at Boiketlo village.

“I have learned that I must be financially disciplined, learn how to stick to my budget and spend the money in a profitable way. This was the most needed training, especially during the festive season when we are bombarded by lots of misleading promotions and sales.”

Speaking to The Guard, Thabo Mofutsanyana Destea manager Rosemary Booi said the purpose of the workshop was to equip stokvels, funeral societies and tuckshop owners with enough information to enable them to use their hard earn money profitably in a way that they will contribute to local economic development.

“We have invited stokvels, burial societies and tuckshop owners here because we want to form a partnership to ensure that township economic development becomes a reality. Stokvels have a lot of money that they save during the course of the year, only to spend it unwisely after they have shared it in December. There is no entrepreneurial activity. So, we have called them here because we saw their potential towards economic growth. All they need is enough information that will enable them to channel their funds in a profitable way.”
Institutions that were invited to share tips and information included the National Credit Regulator, financial education, consumer protection – consumer education, Finance Sector Conduct Authority and the South Africa Revenue services.

Reminding them of their rights as consumers and what things to avoid, Mpolokeng Phokoye of Consumer Protection said the purpose of their engagement was to enlighten them around the issue of spending wisely during the festive season.

“Immediately after Christmas we are longer talking about festive season; we will be talking about back to school campaigns. It is very important to advise them while there is time, that they must save. If they have budgeted for something, they must be disciplined about spending their own money.”

At the dame occasion, the compliance officer for Financial Sector Conduct Authority (FSCA), Pumezo Mtyataza said the training was about sharing the requirements of FSCA and benefits of being registered.
South African Revenue Services Tax payer educator Ntwa Mothijoa encouraged stokvels, tuckshops and burial societies to register with SARS.

“We do not tax the money that you contribute, but we can only tax interest and those who want to open businesses, we gave them processes on how to register and become tax compliant.
For his part, business manager Sam Nhlapo advised the participants on the importance of differentiating between needs and wants, and sticking to their plans .