The South African economy just like the rest of the world took huge knock due to the Covid-19 pandemic.
Just last month the National Treasury director general Dondo Mogajane said that the country’s unemployment rate could reach 40% due to the impact of the coronavirus. Some companies resorted to closing their doors as soon as the national South African lockdown was announced. This resulted in a lot of people (mostly young people) losing their jobs.
Government interventions
Although the South African government has put in place interventions to address unemployment by introducing the unemployment grant. But the reality is that the grant is only for 6 months. Then what is next?
Introducing Stokvel culture to the Youth
images source: SaveAct
As much as research has proven that more young people are part of Stokvels, more needs to be done to educate them on the benefits of stokvels.
The sad reality of some households in South Africa is that we still have uGogo who has to stretch her social grant to cover her needs and raise her grandchildren and, in some cases, still support her unemployed children. And the big question is, how, is uGogo surviving? In most cases the answer is through Stokvels.
You may find that uGogo is part of a year-end grocery stokvel, burial stokvel as well as a monthly savings Stokvel. She uses her social grant to pay for all her Stokvels and cover some household needs. uGogo has over the years managed to learn how to use the little money to has and grow it.
And this the knowledge we at Stokvel Academy believe we needs to shared with the youth of South Africa to help address the country’s unemployment rate.
“We believe that the youth needs to be exposed to the knowledge uGogo has in investing for the future and growing her money! That way they will be able to empower themselves and those around them,” says Busi Skenjana CEO and founder of Stokvel Academy.
“Stokvels are a big part of our society. Not only do they provide a safe space to save money they also create social growth. They can be used to build a career or a business, through educating the youth, we believe we can bring change to the countries high unemployment rate,” add Busi.
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