“Financial literacy, the possession of knowledge and understanding of financial matters, is a skill that can be learnt. It is important for a successful future.”
Here are the five pillars or steps – our LESSI programme:
L stands for “Learn” : nobody is born with knowledge – knowledge is the most empowering tool for any person. So, learn hard and never stop learning. Learning about money is our objective here.
E stands for “Earn” : if you learn hard enough you will be able to get a job – a job will provide you with an income to do the things you need to do.
S stands for “Save” : you cannot spend everything you earn – you have to make provision for things you need like a smart phone, PlayStation, soccer boots ect.
S stands for "Spend" : the most fun part of it all! But you have to make a plan about how you will spend. You can spend wisely and foolishly. Make sure you spend on the right things and aim for a bargain, when the sales come!
I stands for "Invest" : if you save money in the right way you can get interest on that money. What is interest – it is free money you get from the bank if you leave your money in an investment account with them.
You can ask your parent, your teacher, or your bank about how to make the LESSI steps work for you.