Lack of financial literacy in our schools is disturbing
The problem is that the subjects of money and entrepreneurship are not taught
ELVIS PRESLEY, “the king of rock ’n’ roll”, once drove into a petrol station to fuel one of his many cars.
The petrol attendant who was going to service him was clearly blown away by the beautiful car Presley was driving.
As he was pouring petrol into Presley’s car, eventually, the attendant couldn’t hold back, and found himself complimenting the king of rock ’n’ roll's car. The man was reported to have remarked something to the effect: “Your car is beautiful sir.” Presley retorted: “Do you want it.” Confused and shocked, the man garnered enough strength to respond with a surprised voice, and said yes, to a once in a million years offer. Presley then got out of the car. He handed the car keys to the utterly shocked petrol attendant, walked away and out of the petrol garage and then proceeded to buy a new car.
Indeed, this is one of those once in a blue moon generosities that few can claim to have benefited from.
By the look of things, it’s not always popular to learn about acts of generosity from people who have been given cars in good or bad conditions by either celebrities or ordinary folk.
If you follow local and international media, you will see that just like you don't encounter much of this generosity by Presley to the petrol attendant, on the streets where you live or operate, the world vastly lacks this kind of Ubuntu, (humanity).
Of course, there are exceptions of generosity through philanthropic work from foundations like the Rockefeller Foundation and trusts, including other sectors designed to take care of the needy, are in full swing to make the world a better place.
In Africa, the big global giants like Microsoft, Google, Hewlett-Packard aim to empower millions of Africans,
including local groups like Shoprite and Absa, run various job preparation and training programmes aimed at equipping people, mostly the youth with skills and experience to enter the job market or to become business owners who will create employment for others.
And this past weekend, saw the leaders of the G7 countries gathering in the UK to discuss among other burning issues, the 15% tax levy on the richest multinationals.
At face value, one was over the moon at the news that the world’s wealthiest corporations, led by tech giants, will be looking out for those battling pre and post Covid poverty and underdevelopment.
But it was not long before rationality settled in.
Historical developments are a reminder of how the rich and powerful have played the game of avoiding paying taxes and creating legal loopholes in the system that protect them from being penalised for this wrong doing.
Not to forget that in Africa and much of the developing world, the amount of money provided to post-colonial nations by the rich nations and the global elites over the past many decades runs into the trillions.
But what happened, a tiny minority became super wealthy while the majority of the citizens still find it hard to get by, as the bottom 2 billion
people of the world continue to struggle to make ends meet as they battle to consistently surpass the $2 a day living threshold.
On the other side of the global wealth coin, the latest available research reveals that 500 of the world’s richest people are valued at $8.4 trillion. This could be criminal stuff.
Criminal or not, they control the direction of the world, including governments that have benefited from these kickbacks.
For instance the global tech giants‘ “goodwill” donation worth billions to the poorer constituency of the world comes at a price.
Through government tax breaks and standing in the front-line of accumulating contracts and tenders the rich worry little to nothing as the money they pledge to the needy can be recovered in other ways.
Important to note, is not to suggest that being rich is bad.
Rather to get to the root of the problem that so few people in the world own so much wealth while the majority live hand to mouth.
And why are those elected to lead climbing the financial ladder at the expense of those who vote them into power.
Fundamentally, the problem is in the inadequate schooling system where the subjects of money and entrepreneurship are not taught.
To think that our lives revolve around money as we need money to eat, dress and pay for other basic needs.
Yet we don’t have financial literacy in our schools. It is disturbing to say the least.
Even entrepreneurship and trade, which the rich nations thrive on, is not part of our schooling system in Africa. But why not?
The answer could have a lot to do with the people elected to lead post-colonial Africa are not the real leaders of the people and communities, but agents of imperial forces.
Why would they allow African countries that were bread baskets at liberation to turn into basket cases?
In South Africa, unlike the US and UK, the Ramaphosa administration with the highest reported Covid-19 infected populace in Africa, is falling behind in the vaccination of US and UK counterparts.
Last week, Clover closed its plant in the North West province due to poor service delivery in the areas of electricity and water.
The Clover closure will cost the province hundreds of jobs.
Add to this a third wave of the coronavirus that could have been avoided had the R500 billion set aside to deal with Covid-19 and its effects had not found its way to the governing party fat cats’ pockets but used to buy vaccines to save more lives we could have set a lesson on good governance.
As we remember those who suffered injuries and died to liberate South Africa and the brave youths who changed the course of this country’s history 45 years ago on June 16, 1976, this generation must ensure that we and future generations don’t become seekers of global generosity but a bread basket that the world would dare not ignore.