Hon Deputy Speaker, I am happy to report the launch of a paper in KwaZulu-Natal called Know Your Money - be money wise. This initiative in KwaZulu-Natal wants to ensure that local government employees manage finances prudently and effectively.
The launch of this bimonthly financial education newspaper called Know Your Money was made possible by a successful partnership between the private sector and the government, with the support of the province's Financial Literacy Association, FLA. Such empowerment of officials, especially in the light of a growing concern that many South Africans are deep in debt and do not save, seeks to fight financial illiteracy and rather empower officials with financial skills and knowledge. The unhealthy trend of borrowing, not meeting financial obligations, no culture of saving, and impaired credit records all impact not only on the individual but also on the workplace.
Studies have also shown that absenteeism in the workplace is related to financial difficulties experienced by officials. The establishment of this paper is to be applauded. [Applause.]