INVESTING FOR THE FUTURE The Mineworkers Investment Trust's financial literacy training started in Mpumalanga as a pilot study in June 2015 with more training expected to take place this year
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If workers in the mining, energy and construction industries want to improve their financial situation, it is important that they take advantage of the financial literacy programmes currently being rolled out by financial assistance provider Mineworkers Investment Trust (MIT), which supports projects conducted by the National Union of Mineworkers (NUM), notes MIT project manager Rita Ndlhovu.
She explains that the financial literacy initiative, which is spearheaded by the trust with the support of financial services group Sanlam, is aimed at assisting workers in these industries to learn basic financial literacy practices, such as drawing up budgets and investing in small capital for the future.
Established 20 years ago by the NUM, the trust disburses funds received from its investment wing, Mineworkers Investment Company, to three key projects that benefit communities surrounding mining, energy and construction projects, as well as the workers and former workers employed by these industries.
The financial literacy training started in Mpumalanga as a pilot study in June 2015, with more training expected to take place this year. Over the past few months, 26 training sessions have been concluded with more than 750 individuals participating and gaining experience on how to better manage their finances.
“Training was a success and the workers fully participated and asked questions. During my informal conversations with some participants, they indicated that they were learning new things and that they would like other workers to be exposed to the financial training that they had,” says Ndlhovu.
The programme has benefited Burgersfort, Mokopane, Musina and Phalaborwa, in Limpopo, Matlosana, in the North West, and Carltonville and the Elijah Barayi Memorial Training Centre, in Gauteng.
Ndlhovu adds that she would like to see financial literacy training become part of all training programmes offered by the Elijah Barayi Memorial Training Centre, a training institution founded and managed by MIT. “The training content we provide emphasises budget-ing, interest rates, over indebtedness and debt counselling.”
Since its inception 20 years ago, the trust has raised over R400-million to improve the lives of its members and provide them with education, enabling them to improve their circumstances in the long term.