POST EVENT R E P O R T IMAGINE
the future Youth & Finance
10 MAY 2023
www.rdjpublishing.africa
Table of Contents
THANK YOU EVENT STATISTICS EXECUTIVE SUMMARY LUNCHTIME CHAT PUBLIC DISCUSSION MODERATED Q & A POST-EVENT FEEDBACK FROM ATTENDEES VOTE OF THANKS
Youth and Finance, also referred to as Y&F in this report
4 6 8 14 20 26 28 29
YOUTH & FINANCE POST EVENT REPORT
Thank You GOLD SPONSOR
EXHIBITORS
SUPPORTERS
4
YOUTH & FINANCE POST EVENT REPORT
Event Statistics In person: 64 participants
Radio listeners: 23 on IONO +more on iTunes, Spotify, & TuneIn
Social Media reach: 1,108 Impressions 11,153
It is important to note that about 85% of attendees were young people, while adults covered approximately 15% of total attendance.
ATTENDEES BREAKDOWN: Male Attendees 41% Female Attendees 59%
Financial Institutions: 20% attendees
Higher Education Institutions: 19% attendees
Members of Public Attendees: 38% attendees
Media Houses 17% attendees
Public Sector - Ministry of Sports, Youth and National Services: 5% attendees
Information Technology Attendees: 2% attendees 6
YOUTH & FINANCE POST EVENT REPORT
Event Statistics SOCIAL MEDIA REACH RDJ_Publishing Instagram reached in 30 days (17 April-16 May 2023) total 1108
290
176
932
Total Instagram followers
Followers reached in 30 days
Non-Followers reached in 30 days
RDJ Publishing LinkedIn reach in 7 days (10 May- 16 May 2023)
345 Total LinkedIn followers
7346
25
73
Impressions
New followers
Connections
RDJ Publishing Twitter reach in 7 days (10 May-16 May 2023)
239
3807
25
Total Twitter followers
Impressions
Engagements
RDJ Publishing Facebook reach in Past 28 days (18 April-15 May 2023)
171
12
8
Total Facebook followers
Engagements
New Followers
7
YOUTH & FINANCE POST EVENT REPORT
EXECUTIVE SUMMARY
DATE: 10 May 2023 TIME: 09:00 to 20:00 VENUE: Windhoek Country Club Resort PROGRAM: All day exhibition from 9:00 AM to 8:00PM Lunchtime Chat from 1:00PM to 2:00PM Evening discussion with young professionals from 5:15PM to 8:00PM
EVENT SUMMARY The Youth and Finance (also referred to as Y&F) Event is part of the Imagine the Future Series of thought leadership events created and run by the RDJ Group, through the RDJ Publishing arm. Under the Y&F banner, the event was a multi-dimensional platform which served to provide the youth with must-have financial literacy skills, and inform the public at large on the different financial opportunities and incentives that exist within the Namibian financial sector. The event has been a rare opportunity for young people to hear from industry experts and leading financial institutions on how to secure their financial futures.
OBJECTIVES The Y&F event focussed on creating an atmosphere that fosters interest in and raises awareness on financial literacy skills among the youth.
OUTCOME OF OBJECTIVES To attain this objective and make it more practical for the attendees, the event was organized in such a way that there was a public facing forum which included an exhibition/expo component that gave financial and academic institutions as well as other stakeholders an opportunity to interface more extensively with the public particularly the youth. The event focused on creating an atmosphere that fosters interest in and raises awareness on financial literacy skills among the youth.
8
YOUTH & FINANCE POST EVENT REPORT
SPEAKERS The event had eight speakers and a represntaion for the Ministry of Sports, Youth and National Services. The following people spoke during the Lunchtime Chat: 1. Mr. Garth Petersen - the Head of Wealth at Simonis Storm Securities 2. Ms. Klestina K. Armas – a financial literacy and food sustainability educator leading the page “Money Matters with Budget Bee” 3. Ms. Lucia Ndishishi - the President of NANSO 4. Mr. Fimanekeni Mbodo – the Founder and CEO of Foster Digital Education The following were the speakers and panellists for the Evening’s Public Talk where young professionals joined in: 1. 5) Ms. Khadijah Mouton – the Senior Copywriter of Standard Bank Namibia 2. 6) Ms. Luisa Hango – the President of the Unam Investment Society 3. 7) Ms. Kapurua Kahorongo – an expert and enthusiast about Consumer Credit education
TOPICS PRESENTED AND DISCUSSED The Lunchtime Chat saw presentation and discussion of the following topics: “Wealth Management” “Budgeting and Saving” “Financial Literacy at basic and tertiary level” “Generating Real Returns by Investing in Yourself” And the evening session unpacked the following topics: “Dream it, Believe it, Achieve it. It can be.” “Saving vs Investing” “Understanding Consumer Credit” “Youth and SME Financing Needs”
9
YOUTH & FINANCE POST EVENT REPORT
KEY TAKEAWAYS Below are some important insights garnered from the event based on the topic of discussion. Before deciding to spend anything, it is important to distinguish between needs and wants, and focus on your needs when working with a limited budget. In such an economy, it is necessary to develop a sustainable lifestyle to secure your future. Borrowing money will decrease the value of your salary or allowances since you will have to pay out debts before you begin spending. There is a need to bridge the gap between theoretical knowledge and practical skills needed in the corporate world. To achieve this, the educational system needs to integrate financial literacy to aid students be geared up with the necessary financial security knowledge, and increase partnerships between private, public, financial and academic institutions need to be established. The financial markets are growing at a fast speed, and so are scammers. It is important to acquire the necessary skills in a formal way before you engage in them. This will avoid one from falling victim to scammers. Platforms such as these are ideal for learning. NAMFISA will begin regulating all consumer credit offering institutions for the benefit of the lender & the receiver of funds. The Bank of Namibia is currently drafting a consumer credit act that will protect the receiver upon any maltreatment from the lending bureau.
Credit is good as long as it’s used productively Dreams only works if you do Money only works if you do
LIMITATIONS 1. Location of the venue: Despite the Significantly overwhelming numbers of RSVPs, Many students that rely on taxis found it difficult to attend in person due to the new route to the venue which is not popular amongst local taxi drivers. Hence, the high virtual/social media attendance instead. 2. Lack of transport for many young people to and from the venue: 3. The country’s economic reality
CONCLUSION We would like to conclude by extending our immense gratitude to our supporter, with special mention to: Standard Bank Namibia - Thank you for joining us in this much needed and fruitful adventure for the youth. Your contribution by becoming a gold sponsor of the event made a tremendous difference throughout and we believe it can be. Future Media and Fresh FM - Thank you for joining us as the official media partner, and for opening your studios and social platforms to support spreading the message before, during and even after the event. Your support allowed listeners that couldn't make it to the venue also benefit by what was discussed through your platforms. Coca Cola - Thank you for considering our event worth of the sponsored drinks. The sponsored drinks were just what was needed to keep everyone going through the day. We acknowledge that all this would not have been as successful as it was without having the drinks given the expected higher cost of it from the hosting venue’s restaurant. We thank you, and hope to count on Coca Cola for future collaboration. The drinks were welcomed and appreciated by: the exhibitors who stayed all day long attending to the public’s inquiries on their services - that is, from 8:AM till 9:PM The attendees who stayed throughout the day to attend all section of the event, as well as those that came in and out to listen in the different sessions And lastly, of course our RDJ team that states up coordinating everything from the beginning to the end. Thank you all, and we look forward to remaining in touch and collaborating in future. The RDJ Group is open to provide any support in your programs that are within our areas of expertise, and to also collaborate with you all going forward. 10
YOUTH & FINANCE POST EVENT REPORT
Lunchtime Chat Garth Petersen Head of Wealth – Simonis Storm Wealth Management Financial freedom is defined as having enough savings, financial investments, and cash on hand to afford the kind of life we desire for ourselves and our families without financial distress. Financial freedom can mean different things to different people because of their needs and/or their preferences. The goal of financial independence is WWH, which is: What do I want to do? When do I want to do it? How do I want to do it?
Are you willing to get rich slowly? To achieve financial independence, we need the following: Firstly, save for ‘rainy days’, save or invest for an emergency fund in a liquid portfolio that you have access to of 3 to 6 times your monthly salary. This fund will not make you rich but will give you security, should an emergency arise, you will be able to cover the cost without incurring debts. Secondly, stay away from consumer debt which is defined as incurring debts to spend on consumable goods. Debt is good if used to purchase an asset that can earn returns which will support you in your journey to financial freedom, while consumer debt is detrimental to your financial freedom journey. Thirdly, invest like the wealthy. The wealthy appoints a wealth manager who drafts a financial plan according to his goal and holds him accountable by managing the client’s portfolio. Upon establishing that you want to be financially free, it is possible to be financially free. However, you will need a plan on how you are going to achieve your goal. Your financial goal is only achievable if you act, otherwise, it will remain a dream. The question to be answered by the audience is “Are you willing to get rich slowly?”
14
YOUTH & FINANCE POST EVENT REPORT
Klestina Armas Money Matters with Budget Bee Budgeting and Saving Budgeting is simply understanding your income (money coming in) and expenses (money used to pay expenses). You should never spend more than you earn to avoid spending your future income. This is when a student asks another student for a loan to go attend an event and promises to pay it back with her next month’s allowance. This means when this student receives their allowance it will no longer be able to afford what it normally does as a portion of it will be used to repay for the debt taken the previous month. For students’ income includes pocket money from parents, allowances from bursaries, and Namibia Students Financial Assistance Fund (NSFAF) and expenses include monthly toiletries, textbooks, accommodations cost, transportation costs, and meals or groceries. Students need to learn to distinguish between a want and a need while keeping in mind the inflationary times we are living in. This means as the price of goods and services increases because of inflation, students should be ready to make certain financial sacrifices necessary to adjust to the increasing cost of living. Furthermore, students must determine a tool that they will use to conduct their budgeting, it can be a book or an Excel document depending on the complexity of their budgeting. At the end of each month, students reflect on how they spend their money by critically comparing actual spending against planned expenses. This will help students to understand the root causes of how and where most of their money goes for one cycle and enable them to plan better for the next cycle. Lastly, although students do not have a lot of money it is important to put a little money aside for ‘rainy days’ when you can. This will enable students to practice financial discipline that can come in handy in their professional life when they start working. Students should not take unnecessary financial risks such as taking their loan refunds or saving to invest with forex traders but rather invest in a reputable financial institution where your money is safe, secure, and earn interest! In conclusion, students can engage in part-time work that will not interfere with their studies to earn additional income and learn to save for their future.
Students should not take unnecessary financial risks such as taking their loan refunds or saving to invest with forex traders but rather invest in a reputable financial institution where your money is safe, secure, and earn interest!
15
YOUTH & FINANCE POST EVENT REPORT
Lucia Ndishishi NANSO President Financial Literacy at Basic and Tertiary Education Level NANSO is a student organization that represents the interest of Namibian young people particularly learners at basic education, students at tertiary, and trainees at vocational education level. Although NANSO is not a financial institution it also advocates for financial literacy education for the youth. In Africa, financial literacy at basic and secondary education levels is an issue of great concern. Financial literacy encompasses various key skills and understanding which includes saving, budgeting, investing, and entrepreneurship. Therefore, by integrating financial literacy into our education system, we will empower the youth with the necessary skills to not only manage their personal finances but to also make investment choices that will contribute to economic development. The tools that we can employ to improve the youth’s financial capabilities for a secure financial future:
Before making any purchase, always ask yourself if you can purchase 3 of those consumables today, and if your answer is ‘no’ then you cannot afford it! Comprehensive and age-appropriate financial curriculum that is integrated into our education system at all levels. Strategic partnerships between educational institutions, government bodies, civic and private sector organizations are crucial. Digital technology to engage young people and help them acquire vital financial knowledge to better plan for their future. The key to wise spending habits is: “Before making any purchase, always ask yourself if you can purchase 3 of those consumables today and if your answer is ‘no’ then you cannot afford it!”
16
YOUTH & FINANCE POST EVENT REPORT
Fimanekeni Mbodo Founder and CEO of Foster Digital Education Generating Real Returns by Investing in Yourself Foster Digital Education is a fully-owned Namibian company that focuses on online education, media, and communication. Their education division is primarily focused on the financial education space, creating financial literacy materials for the Namibian market. In his presentation, Mr. Mbodo introduced the audience to the three Cs that they can use to improve both their financial and overall well-being. The 3 Cs are: Circumstance – It is important to understand your circumstances as a person and understand that no one is coming to save you from all your hardships. Everything is in your hands and only you can save ‘You’! Conviction – Building convections begins with understanding yourself and your values. This is important because it helps you to stay focused and motivated, even when faced with obstacles or setbacks. Conviction is saying this is the minimum that I must do to accomplish my goals! Compounding – This is the action of investing and reinvesting your resources into something continuously to generate future returns. Resources can be more than just money, it also entails time, intellect, and energy. No one has more time than a young person, find and decide on what you want to achieve and be selfish about your resources. The benefits of compounding for youth comprise: Allows you to start small. Teaches patience and perseverance. Helps you avoid burnout. Creates positive habits. Supports continuous learning and allows you to celebrate small wins. The important lesson is as a youth, you can apply the principle of compounding in all areas of your life whether in personal finance, education, health, professional development, and relationships!
no one is coming to save you from all your hardships. Everything is in your hands and only you can save ‘You’!
17
To make a difference in the Energy & Sustainability Landscape RDJ Consulting is a 100% Namibian Energy and Sustainability Consultancy with more than 30 years’ experience in the utility (Water, Energy and Telecoms), rural development and transport sectors. Our experience as an integrated professional services firm that builds better communities through planning, design, and delivery of physical and social infrastructure helps support our clients in all aspects going forward.
We approach each of our clients with fresh eyes to develop customized, unique strategies. RDJ Consulting based in Windhoek, Namibia has extensive experience in Southern Africa, Asia, Britain, USA and the Caribbean. We thus work with various governments and agencies to address development issues in developing countries.
**RDJ Consulting is the short form for the legal name of RDJ Consulting Services CC
www.rdjconsulting.co.za
YOUTH & FINANCE POST EVENT REPORT
Public Discussion Welcome
Chilombo Olga Priscila RDJ Group Executive: Operations Ms. Priscila opened the event with an introduction to the RDJ Group and their service offerings. The "RDJ Group”- a group of companies consisting of the Consulting and the Publishing arm. RDJ Consulting provides advisory services to both the public and the private sector and carries out projects pertaining to the energy and sustainability landscape across this country, the SADC region, and beyond our continent. Meanwhile, RDJ Publishing, which was responsible for hosting the ‘Imagine The Future: Youth & Finance’, is a 100% Namibian-owned and operated publishing house with a wide range of publications such as the flagship “RDJ Briefing” publication, as well as thought leadership events of under the theme “Imagine The Future” series. In these series, we have successfully hosted two events since 2022, namely; “Sustainable Aviation - Are we Ready?”, and “Women & Green Hydrogen”. This time, we are now focused on “Youth and Finance”. Moreover, RDJ Publication also provides a range of other services with the energy and sustainability landscape such as: Rapporteurs for events Unique In-house Designs and Layouts Exciting Advertising Opportunities Awareness Raising Events, Exhibitions and Career Fairs
The Youth & Finance Event seeks to create an atmosphere that fosters interest in and raises awareness of financial literacy skills among the youth. The public-facing forum includes an exhibition component that gives our stakeholders an opportunity to interface more extensively with the public, particularly the youth. The question that doesn’t want to be silenced is "why the youth focus, if money affects all ages?" The answer is that Namibia has high youth unemployment, and the arrival of COVID-19 has intensified the situation. According to a World Bank report from 2018, 51% of young adults across the continent saved money and 44% borrowed money while only 26% have an account at a financial institution. This demonstrates just how much many young Africans are actively using unsustainable financing means to meet their financial needs. Therefore, this event is crucial for the youth to assist them make the right financial decision while they are still youth. The aim of this event is therefore to enhance the youth’s understanding of the financial sector and how they can become active financial sector participants who can better manage their finances and plan for the future. In her welcoming message, Ms. Priscila further expressed the Group’s gratitude to Standard Bank for sponsoring the event, Future Media – the official media partner and Coca-Cola for sponsoring the event with their new soft drink “cappy”. All sponsors made this day possible for the Namibia Youth as they begin their journey to financial freedom!
20
YOUTH & FINANCE POST EVENT REPORT
Keynote Address Ms Ellencia Hanse Director: General Services in the Ministry of Sport, Youth and National Service Mrs. Hanse commended the private sector through RDJ Group and their supporters, Standard Bank Namibia, Future Media Group, and Fresh FM for focusing the discussion on the needs of Namibia’s treasured asset “Our Youth”. She further emphasized the Ministry of Sport, Youth and National Services’ mandate and how this event “Imagine The Future: Youth and Finance” aligns with the ministry's objectives and planned initiatives targeting the unemployed youth. The Ministry of Sport, Youth and National Services’ mandate is focused on the promotion of youth empowerment initiatives as expounded in the third national youth policy. With the current economic challenges, it is a much-needed discussion that is both timely and relevant.
In addressing youth unemployment, the Ministry has mainly focused on: Young people who do not meet the entry requirements into tertiary institutions, including vocational training centers. Youth who need startup capital to start their own businesses. Therefore, the Ministry’s employment creation programs and projects over the years have been focusing on skills development in areas such as tailoring, basic computer skills, agriculture production, civic training & volunteer service. The Ministry has spent over Twenty Million Namibia Dollars (N$20 000 000) over eight years under the National Youth Credit Scheme to help young people to start businesses. The Ministry is cognizant of the fact that more still needs to be done and thus, the Ministry is engaged in a process to review its youth empowerment programs with the aim of re-launching and operationalizing the Credit Scheme in this financial year 2023-2024. In conclusion, the Ministry expressed profound appreciation that Initiatives of this nature are of significance as sports not only promote economic development and healthy lifestyles but also act as a catalyst for social cohesion.
21
YOUTH & FINANCE POST EVENT REPORT
Panelist Khadijah Mouton Senior CopywriterStandard Bank Namibia Dream It, Believe It, Achieve It. It Can Be Kadijah used her personal career journey as proof that dreams can be achieved if one believes in them. Khadijah is a 2-year university dropout who went on to become a DJ and is now a Senior Copywriter at Standard Bank Namibia, one of Namibia’s leading commercial banks. Khadijah took her time as a DJ to find herself, what she likes, and what her interest was. She then realized that she loved language and speaking so she then went back to university and completed a bachelor's degree in English at the Namibia University of Science and Technology. Upon completing her degree, she landed her first job at One Africa TV as salesperson and eventually found herself at Standard Bank Namibia. For her Standard Bank’s brand message “Dream It, Believe It, Achieve It. It Can Be” perfectly complimented well with who she was as
Standard bank is here, and we exist to assist you to finance you into going towards your dreams! an individual – the message of being a dreamer, putting in work to achieve and accomplishing your dreams, and saying to people it can be done. For dreams to be achieved there must be ‘Balance and Duality’. Dreams only work if you do, there needs to be some kind of balance! Dream it, take that dream that you only see in your mind, put in the work to achieve it, and put it in the world. Money only works if we do. Further, she planted a seed in the youth on how they are going to find a balance between dreaming and achieving their future. Standard Bank’s job as a bank is to create solutions that are available to you that give you access to your dreams; solutions such as a bank account, study loans and bursaries. This is because they understand that access is the first step towards you achieving your dreams and their dream along with you! “Standard bank is here, and we exist to assist you to finance you into going towards your dreams!”
22
YOUTH & FINANCE POST EVENT REPORT
Luisa Hango President of the Unam Investment Society Saving vs Investing Savings and Investing are crucial to financial well-being and future prosperity. Saving allows us to set aside a portion of our income for future needs and goals. It instills discipline, patience, and financial responsibility – all these are vital skills for Namibian youth to cultivate. Furthermore, savings enable us to seize opportunities when they arise, such as pursuing higher education, starting a business or investing in our personal development. While saving is essential, it is equally important to recognize the “power of investing”. Investing means putting money into assets that have the potential to grow and generate returns. The assets include stocks, bonds, mutual funds, real estate, and even starting a business. Investing allows one to grow their money beyond what you can achieve with a saving account, which typically have low-interest rates. Investing can be intimidating, especially for those starting – as we keep worrying about the financial risks involved, and fear losing hard-earned money. By conducting thorough research, expanding our knowledge, and receiving proper guidance we can make informed investment decisions that can help us ‘achieve our set financial goals’. As youth we have the advantage of time when it comes to investing. The power of compounding works in our favor, enabling us to grow our investments exponentially over the long term. Another key principle in investment is ‘diversification’, which is spreading our investment across different asset classes to mitigate the financial risk and maximize your returns. In conclusion, the choice between savings and investing is not an either-or proposition; it’s a balancing act. As youth, we should strive to cultivate healthy financial habits that combines both, elements – saving diligently and investing wisely.
compounding works in our favor, enabling us to grow our investments exponentially over the long term.
23
YOUTH & FINANCE POST EVENT REPORT
Kapurua Kahorongo Governance, Risk and Regulatory Specialist Understanding Consumer Credit Consumer credit constitute debt acquired by an individual from an institution for the purpose of buying goods and services for own consumption or investment. It allows consumers to purchase consumables instantly, even if they do not have cash. Consumer credit has various advantages for users such as: financial freedom and flexibility credit card reward programs as well as allowing consumers to build a good credit history that is used for future credibility assessment However, consumer credit is sometimes misused which leads to overspending and high financial cost because of applied fees or interest rates. Based on Namibia’s Consumer Credit Policy, Namibia is characterized by lack of a robust legislation that is effective in protecting consumers of credit against unfair market conduct. The policy further states that credit extended under the scope of market conduct supervision, although not broad-based in consumer protection principles, is that extended by the banks and microlenders. On the contrary, credit extended by retailers, for example, is not supervised against unfair market conduct, although such loans are also financial products. As a result, there is a fragmentation in the regulation and oversight of credit, with limited impact on indebtedness of households and desired market conduct in general. The Policy states that lending and borrowing practices in the market must be in accordance with international best practise. The following international principles are recommended through the policy and the bill alike: Fair and respectful treatment of clients Appropriate product design and suitability Responsible lending by institutions Transparency and full disclosure Data protection and privacy Mechanisms for complaint resolution
24
YOUTH & FINANCE POST EVENT REPORT
David Jarrett — RDJ Group Chief Executive Officer Youth and SME Financing Needs Namibia Youth have the potential of creating impactful SMEs that could absorb the growing unemployment rate and eradicate poverty within the country. However, when it comes to youth entry into the SME sector there are 6 key questions that are fundamental to the success of any SME across all sectors in Namibia. How is youth defined? What is experience? What is a business? What truly is capital? What is a guarantee? What funding support exists? To begin answering the questions, in Namibia, youth is defined as an adult between the age of 18 and 35 years of age. In many instances, the term ‘experience’ is misused as a person can have an experience that does not correspond to the business need. Consequently, resulting in the failure of that specific business. Therefore, it is important that the youth have relevant experience which directly relates to the business needs they would like to tackle. The next key issue to address is the definition of a business. A business is a sustainable legal income-generating activity with a clearly defined vision (short, medium, and long term). However, it must be noted that there is a difference between revenue and profit, and if a business is generating revenue but incurring a loss that business is not ‘sustainable’. Thus, stands a great chance of failing. Therefore, it is of great significance that your business fully complies with this definition to be successful. Capital does not always have to be ‘cash’; it can also be other existing resources contributed by the owner to the business to get started. Furthermore, a guarantee is another important element that a lot of young entrepreneurs do not consider when sourcing finance. The guarantee required by financial institutions to provide financial aid needs to be ‘fair’ and ‘relevant’. The business idea or concept can also be used as a guarantee to secure financial assistance if it is ‘sound’ in the absence of a proven business track record! As a young entrepreneur, you can offer the lending institution an equity stake in the business, and this will aid in obtaining the funds required to operate your business even if you do not have properties or assets that you could provide as collateral to secure your debt. Lastly, it is essential to consider existing funding support available within the formal market or within your social networks and utilize these opportunities to your advantage. In conclusion ‘With patience and financial disciple it can be done, youth can start and operate successful businesses!’
With patience and financial discipline, it can be done, youth can start and operate successful businesses!
25
Moderated Q & A PART 1: Afternoon Presentation Session Question 1: Given the effects of the time value of money principle, how does one save for “rainy days”? Answer: Emergency funds provide financial security in times of emergency and do not make one rich. Thus, individuals can start by saving little money depending on their budgets. Once your savings reach 3 to 6 months of your salary you can then consider growing your portfolio. You can use your emergency funds for your emergencies or rainy days, but you must reinvest that amount once you spent it for your emergencies. Question 2: How can a student save? Answer: Students can budget and prioritize by spending their money on needs as opposed to spending it on wants. This habit will enable them to save the little access money they remain with from their NSFAF loan allowance, or bursary allowances, especially during the mid-semester as students do not have a lot of expenses compared to the beginning of the semester when they must buy textbooks. These savings can then be used for “rainy days”. Question 3: When can you really afford consumable goods, especially high-value items such as iPhones, luxurious cars, etc.?Answer: You can only afford consumable goods if you can buy 3 or more items of that similar item. E.g., you can only afford the latest Mercedes-Benz if you can afford to purchase 3 of them today as this means you will be able to afford the maintenance and repair costs that the car will require during the time you will be using it. Question 4: What is EasyEquities? Answer: EasyEquities is an investment platform, owned by Purple Group in South Africa which makes it easier for an individual to invest in stocks, Exchange Traded Funds (ETFs), crypto, and properties while at home. Question 5: Answer: What are the 3 important Cs that young people can use to improve both their financial and overall wellbeing? The 3 Cs are Circumstance, Conviction, and Compounding. Question 6: Currently, there are a lot of adverts online that keep appearing on our desktops, not to mention individuals that take advantage and promise to trade for us for large fees and not deliver on their promise as a result lots and lots of money is lost in the process. Information is overwhelming and thus, people fall victim to scammers. As young people, how do we know which platforms to invest in or trade with without being victims of scams? Answer: Although there are efforts from financial institutions such as MTC shares giveaways to provide people with practical knowledge, scammers are unfortunately working harder each day. Thus, financial services in Namibia could be doing more in terms of sharing information on their offerings to accelerate and scale to each large group of people. Investing is not rocket science! There is no quick way to get rich, set your goal, get the required plan to achieve your plan, and stick to your plan with someone that can keep you accountable like a “wealth manager”. It’s better to take a safe and slower route than take a fast way which could result you in losing all your money. As young people undertaking financial literacy journeys, you need to educate yourself to be able to understand the company’s financial statements, and investment strategies, the market, and the industry, or alternatively engage a wealth manager to help you achieve your financial goal. When building a portfolio, you need to understand the different asset classes (money market, bonds, equities, properties, treasury bills) based on your limited resources, and decide on the time frame and what you will be investing in. The key is to invest in something (company) that you understand or involve the services of a professional to assist you. Be patient with yourself, have grace, and invest your time, try to find local and international relevant content and watch videos to strengthen your understanding and keep up to date. 26
YOUTH & FINANCE POST EVENT REPORT YOUTH & FINANCE POST EVENT REPORT
Event Statistics
PART 2: Evening Panel Discussion Session SOCIAL MEDIA REACH
Question 7: Given the current economic terms, how do you save if the cost of living keeps increasing and your income earned remains static? Answer: Given the current Namibian economic situation, it is quite difficult is save as one is battling with inflation and buying power. Thus, during these uncertain times, youth are advised to explore investing be it in money market instruments that are accessible should you require the funds for emergencies, cheaper stocks, and so forth compared to savings. This is because when investing the money grows as time goes by compared to savings where the money remains the same and this allows your investment to counter inflation.
RDJ_Publishing
reached in 30entrepreneur days (17start April-16 May 2023) total 1108 support Question 8:Instagram Which institutions should a young a business (SME) approach for financial backing if I do not suffice the lending requirements required by lenders? Answer: Although banks and financial institutions would like to provide financial assistance to SMEs, they are also businesses that would like to mitigate the risks and would, unfortunately, favors someone that is that has a low probability of default for them to remain sustainable. SMEs can start scouting for comparable individuals to Followers reached in Non-Followers reached Instagram collaborateTotal with and engage in crowdfunding and leverage each other’s expertise.
290
176
932
followers
30 days
in 30 days
Question 9: What is the difference between a pyramid scheme and a stokvel? Answer: A pyramid scheme is an arrangement where a person at the top of the pyramid stands a high chance of benefiting while the one at the bottom stands a high chance of losing. There is always someone that will be unfortunate and lose their money with no benefits. Pyramid schemes are illegal in Namibia! Stokvel is a legal act, where a group of people comes together and decides to put money together; all benefiting the same way. The returns are equal for everyone; thus, everyone is a winner. Young people are advised to engage in stokvel and not LinkedIn reach in risky. 7 days (10 May- 16 May 2023) fall victim to pyramid schemes that are illegal and
RDJ Publishing
Question 10: NAMFISA is currently soliciting or consulting the public on the newly drafted Consumer Credit Act. How can Answer: Namibians contribute or give their opinion on the drafted Consumer Credit Act? Total LinkedIn New followers Connections The public can give their input byImpressions contacting NAMFISA or attending public forums that NAMFISA is hosting to followers solicit the public’s opinion and contributions. Visit NAMFISA’s office or contact their office to confirm the dates of the next public forums on the Consumer Credit Act.
345
73
25
7346
RDJ Publishing Twitter reach in 7 days (10 May-16 May 2023)
239
3807
25
Total Twitter followers
Impressions
Engagements
RDJ Publishing Facebook reach in Past 28 days (18 April-15 May 2023)
171
12
8
Total Facebook followers
Engagements
New Followers
27
YOUTH & FINANCE POST EVENT REPORT
Post-Event Feedback from Attendees Total Survey sent out: 64
Respondents: 21
Non-respondents 43
How did you find out about this event?
47.4%
31.6%
word of mouth from colleagues and friends
social media
Which session(s) did you attend?
Exhibition Morning Session Lunchtime Chat Session Panel Discussion Option 2 and 3 0
25
50
75
What did you like most about the event?
How would you rate the following?
The event topics presented by various speakers were the most preferred with 77.3 %, followed by advice and guidance provided by speakers with 68.2% .
Many of the respondents rated the venue and selected speakers for the event as an excellent selection. However, respondents rate the date and time as average or rather good.
Write down any comments or recommendations to help us improve our future events. Avoid Expo Increase marketing and advertising on bigger platforms in advance and not close to the event date. Consider live streaming future events on your social media platform and or YouTube to reach a large number of individuals, simultaneously documenting the entire event. Consider engaging a number of higher institutions before events and allocate each one a quota. This can be done by liaising with SRCs of different institutions to mobilize a certain number of students to come to the event and/or intensify marketing of the event on campus. Consider holding activations beforehand to hype up your events The venue was a bit far and many students could not attend. Also, more stalls would be better next time. Allocate more time to Q&A The events should be done on Friday and during the week as most people have a tight schedule Host youth events during tertiary breaks (recess period) or in the evening only when most youths are free The morning exhibition can incorporate presentations by exhibitors on what they do or offer. Incorporate entertainment in the program (it helps lighten the event) The speakers should stick around long enough, if possible.
What topic(s) would you recommend for the next "Imagine The Future" series of events? Energy Security: What should be in that mix? Electric infrastructure combined with Electric Mobility Oil and Gas Regulatory requirements for starting a business within the energy sector. Sustainable Future: Discuss innovative solutions and strategies to tackle climate change, renewable energy, sustainable agriculture, and eco-friendly practices. Energy Careers for varsity students in these high unemployment times and the world of AI 28
YOUTH & FINANCE POST EVENT REPORT
Vote of Thanks David Jarrett — RDJ Group Chief Executive Officer On behalf of the RDJ Group and RDJ Publishing, Mr. Jarrent extended the Group’s appreciation to Standard Bank, Coca-Cola, Future Media Group, and Fresh FM for believing in the “Imagine The Future: Youth and Finance” core objectives and most importantly their various support which made the event a reality and a great success. Furthermore, he thanked the Ministry of Sport, Youth and National Services, Exhibitors, Panelists, Members of the Media, Members of the Public, and the Namibian youth for taking time from their busy schedules to join and contribute to a significant discussion on Youth and Finance. Mr. Jarret pleaded with the youth to take and apply the knowledge they have gained at the event in their personal and professional lives to make better financial decisions and become financially independent!
29
REACH THE GLOBE. ADVERTISE WITH US TODAY! EMAIL: info@rdjpublishing.africa TEL: +264 81 750 3010
SCAN & SHARE A COPY
www.rdjpublishing.africa
