Byline: Captain SA

In a significant stride toward financial empowerment, the University of Johannesburg (UJ) Community Engagement, in partnership with the UJ Department of Finance and Investment Management (DFIM), hosted a Financial Literacy workshop on August 24, 2024, at the Imbizo Lounge, UJ Soweto Campus. The workshop was tailored for community savings scheme projects, focusing on critical aspects of financial planning, investment, and the management of deceased estates. This initiative aimed to equip participants with the knowledge necessary to make informed financial decisions, thereby fostering sustainable economic development within their communities. #FinancialLiteracy #UJCommunityEngagement

Understanding Deceased Estates: Navigating Legal Complexities

Melanie Lottery, a Senior Lecturer in Finance and Investment at UJ, led a compelling session on the intricacies of handling deceased estates. She began by addressing the fundamental question: “My loved one has passed away, leaving behind assets and a valid will. How do I report the deceased estate?” Lottery explained the process of reporting a deceased estate to the Master of the High Court, highlighting the importance of this step in ensuring that the deceased’s assets are distributed according to their wishes. #EstatePlanning #LegalProcess

In cases where the deceased was married under customary law, Lottery provided crucial insights into the additional legal considerations that must be taken into account. She emphasized the need for clear communication with the Master’s Office to avoid potential disputes among heirs. Furthermore, she tackled the challenging scenario where a loved one passes away without leaving any assets or a will. Lottery clarified that even in such situations, it is necessary to report the deceased estate to the Master of the High Court to ensure proper legal closure. #CustomaryLaw #WillWriting

Additionally, the workshop provided clarity on when an estate should be reported to the Magistrate’s office, differentiating between smaller estates that might not require the involvement of the High Court. This session was particularly valuable for community members unfamiliar with the legal processes surrounding deceased estates, empowering them to handle such matters with confidence. #FinancialEmpowerment #CommunityEducation

Building Wealth Through Smart Investments: Key Strategies

Anrich van Jaarsveld, a Lecturer in the DFIM, shifted the focus to savings and investments, a crucial aspect of financial literacy. He opened the discussion by exploring the benefits of tax-free investments, explaining how these instruments can help individuals grow their wealth without the burden of taxation. Van Jaarsveld emphasized the importance of understanding the various investment vehicles available and how they can be utilized to achieve long-term financial goals. #TaxFreeInvestments #WealthBuilding

One of the key strategies highlighted was diversification. Van Jaarsveld broke down the concept of diversifying investments, stressing its importance in mitigating risk and maximizing returns. By spreading investments across different asset classes, individuals can protect themselves from market volatility and ensure more stable growth. This concept was particularly well-received by participants, many of whom expressed a desire to apply these principles to their community savings schemes. #InvestmentStrategy #Diversification

Van Jaarsveld also provided a comprehensive overview of retirement funds, detailing the differences between pension funds, provident funds, and retirement annuities (RAs). He explained how each type of fund operates, their respective benefits, and how they can be integrated into a broader financial plan. A significant portion of the discussion was dedicated to the new 2-pot system, an innovative approach to retirement savings that allows for greater flexibility in accessing funds while preserving long-term savings. This new system is set to transform how South Africans plan for retirement, and Van Jaarsveld’s insights were invaluable in helping participants understand its implications. #RetirementPlanning #2PotSystem

Conclusion: A Path Toward Financial Empowerment

The Financial Literacy workshop at UJ Soweto Campus was more than just an educational event; it was a call to action for community members to take control of their financial futures. By providing practical knowledge on estate management, savings, and investments, the workshop empowered participants to make informed decisions that will benefit their families and communities for years to come. The collaboration between UJ Community Engagement and the DFIM underscores the university’s commitment to fostering financial literacy and economic resilience in South Africa’s communities. #UJImpact #CommunityResilience #EconomicEmpowerment

As the workshop concluded, participants left with a deeper understanding of financial management and a renewed sense of confidence in their ability to navigate the complexities of finance. This initiative marks an important step toward building a financially literate society, where individuals are equipped with the tools they need to secure their financial well-being and contribute to the economic growth of their communities. #FinancialSecurity #CommunityDevelopment

Esikhaleni Youth Radio NPC, an online radio station founded in 2021 by Nduduzo Mchunu, is dedicated to empowering young people, particularly students at the University of Johannesburg (UJ). The station offers skill development and exposure opportunities for emerging artists. This year, Esikhaleni Youth Radio partnered with UJ’s Community Engagement (CE) Unit, which supports student-led initiatives to create positive community impact. The CE Unit, committed to improving lives, supports various community projects, including offering free website creation for organizations. During the Financial Literacy Workshop, the CE Unit began developing a website for “Kopano Lima,” reflecting its continued dedication to community empowerment.