Teaching the youth how to stretch their rands

Charleen Duncan, director for the Centre for Entrepreneurship and Innovation, addresses the participants at the launch on Friday April 6.

If anyone knows how to put more stretch into a rand than an elastic band it’s a cash-strapped student.

Now the University of the Western Cape and a financial services firm are putting students’ rand-stretching suss to the test by getting them to design a course that teaches young people how to look after their money and get the most out of it.

Some 30 students are working in teams, from Friday April 6 to Friday May 11, to design the financial literacy programme that Metropolitan plans to use nationwide.

The winning team in the UWC/Metropolitan FINLIT Challenge will land an internship and a chance to work with a professional design team to put their course into practice.

“This innovative competition will bring the voice of the youth to address the financial literacy gap in the country,” said Charleen Duncan, director of UWC’s Centre for Entrepreneurship and Innovation.

Metropolitan’s Elsie Govender said the project was about addressing the “critical need” for financial education among SA’s youth.

“We believe the students are best placed to provide an innovative solution to teaching financial literacy because they experience the challenges of handling money on a daily basis. They know what the issues are,” said Ms Govender.