Precious Penny: UWC FINLIT Winners embark on Nationwide Financial literacy campaign with Metropolitan
When providing for your financial future, and the financial futures of generations to come, every penny is precious - so it’s no surprise that Precious Penny have won the UWC/Metropolitan FINLIT Challenge, and the chance to educate and empower their fellow youths.
The UWC/Metropolitan FINLIT Challenge challenge kicked off in April and saw 30 University of the Western Cape (UWC) students working in teams to tackle financial literacy challenges in youth - by designing an innovative financial literacy programme for Metropolitan, a division of MMI Holdings, to be rolled out countrywide.
The winning team, Precious Penny, designed a game to be used as a financial literacy tool - an edutainment approach to help people learn more about financial literacy and enjoy the learning process.
The multidisciplinary team consists of:
- PhD (Management) student Kefilwe Rasedie
- 4th year BCom student Welan Spogter
- 1st year BSc (Maths and Science) Thandile Nododile
- 1st year Law student Siyavuya Gwanya
- 2nd Year BA student Ayavela Ngayi
With the help of Centre for Entrepreneurship and Innovation (CEI) Facilitator Brian Adams, they developed a game with several levels, with challenges based on real-life scenarios that mostly young people face.
The challenges test players’ ability to prioritise and manage finances, and make financial decisions. At the end- there's a full report indicating what financial decisions they have to make in real life, so as to enhance their financial freedom and management skills based on the feedback after playing the game.
“The game is really fun and beneficial because it teaches people about different topics in finance based on what they lack, and possesses a high value in increasing people's financial literacy levels,” Adams notes. “There are also great incentives and physical interaction throughout the game mixed in with practical financial advice by a physical ooth for further financial advice and guidance.”
Precious Penny group member Welan Spogter is incredibly proud of her team for winning the competition.
The experience, including a compulsory internship (initiated by UWC’s Centre for Entrepreneurship and Innovation), will grant the Precious Penny team members practical knowledge about design and entrepreneurship from concept to prototype, marketing and implementation.
“Our hard work has paid off, and we are super excited for the internship opportunity with Metropolitan,” Welan says. “We have a lot to learn, and I’m looking forward to that.”
Entrepreneurship, Empowerment and Education
CEI Director Charleen Duncan is extremely proud of the innovative thinking the participants have shown throughout the FINLIT competition.
“I am very proud of the winning team, Precious Penny, and of all the other teams as well - they have thought outside the box and shown true entrepreneurial spirit.”
The CEI has opened up a platform for students to be innovative and share what they do, as well as assisting those students with advice on their business ventures.
“The Centre for Entrepreneurship and Innovation brings students from all walks of life to work together and to become a family,” Welan notes. “The competition has not only given me the opportunity to work with students from different faculties, but has also enabled me to interact with different kinds of thinkers and engage with different perspectives - and much more.”
Welan encourages students to make the most of the opportunities the University provides them, wherever they may find them.
“Some students might think campus notification emails or posters around campus do not serve a purpose - but great opportunities can be found there,” she explains. “Opportunities like the FINLIT competition, that can make a huge difference in our futures.”
Precious Penny now have the opportunity to work with a professional design team to implement their financial literacy programme - and empower others with the ability to control their own financial futures.