Money Smart Week South Africa, taking place till Sunday (30/8) under the theme Money Smart: The Power of Possible, is encouraging consumers to develop practical financial habits that can strengthen their financial resilience. With Money Smart Week placing renewed focus on practical financial literacy, the emphasis is on what consumers can do going forward to strengthen their financial position.

From reviewing budgets and managing debt to building savings and staying alert to fraud, small and consistent steps could help South Africans work towards greater financial resilience. FNB consumer education operations manager Moshibudi Sebola said consumers can start by taking a closer look at their spending, debt, savings, financial goals and online security.

“Many people focus on immediate financial decisions without regularly reviewing the bigger picture,” said Sebola. “Taking time to assess your spending, debt, savings, and financial goals can help you make choices that are better aligned with your circumstances and priorities.

“Being money smart means making the most of the money available, living within one’s means, planning and making choices that support financial goals. I encourage consumers to begin by reviewing where their money goes each month.

“This can include checking bank statements and identifying essential expenses such as housing, transport, groceries, insurance and debt repayments. Consumers should also distinguish between what they need, what they want and what they can reduce or cut back on.”

She warned fraudsters may use SMSes, emails, WhatsApp messages or phone calls while pretending to represent a bank. They often create a sense of urgency to pressure victims into acting quickly.

Consumers should contact organisations directly through official channels before responding to suspicious requests and should never share confidential banking information such as PINs, passwords or one-time passwords.

Money Smart Week provides an opportunity to turn financial knowledge into practical action. A financial check-in does not need to be complicated or time-consuming. Even small steps, taken consistently, can help consumers stay informed, prepared and focused on their priorities, she said.

OFM News/Zenande Mpame sm

• Have a news tip to share? Phone or whatsapp the OFM News Hotline on 066 487 1427.