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Standard Bank Wealth Academies contribute to Africa’s growth by empowering youth with crucial financial knowledge and skills
12 April 2018
3 rating

There’s a lot of truth in the popular saying that the first generation makes it, the second generation spends it, and the third generation blows it. However, modern families in Africa need not be left in the lurch in this way if they raise awareness early among their children and then studiously implement a goals-based plan across multiple generations.                  

Standard Bank’s four Wealth and Investment Academies were initiated with this in mind. Previously hosted in Johannesburg, Durban, Cape Town and London, the Academies – which include the Junior Leadership Academy, the Young Leaders Academy, the Future Leaders Academy and the Women’s Wealth Academy – will be expanding to Kenya this year. 

Dr Thanduhlanga Tshume, Head of the Wealth Academies at Standard Bank Wealth, is passionate about radically improving the inter-generational wealth paradigm by teaching the youth how to preserve and grow an inter-generational legacy.

“You need to prepare the next generation now on how to handle significant wealth. Standard Bank’s Wealth and Investment Leadership Academies were established to empower and educate the families of our clients on the principles of investing, banking and lending, financial planning, leadership, and philanthropy. It is a simple way to get the whole family investing and understanding the full implications of their financial decisions from a young age,” says Dr Tshume.

Youth as young as 10 years old can start learning in a fun way about healthy saving habits in order to build a solid foundation for generational wealth preservation.

One of the main concerns of parents and grandparents is that their children lack the financial knowledge to create and preserve wealth. For instance, according to the Knight Frank 2017 Wealth Report, as many as 69% of respondents in Africa said that their clients were concerned that the next generation would squander or mismanage their inheritance. One of the findings of the survey is that younger ultra-high-net-worth individuals have a different attitude to wealth than their parents’ generation, but, says Dr Tshume “while their attitudes and approaches to the world may be different, the ultimate goal of inter-generational wealth preservation and how it is achieved, need not be. This is why Standard Bank’s Academies don’t just talk about saving and investment within a holistic wealth plan, they build a foundation around it.”

The Junior Leadership Academy for children aged 10 to 12 is a one-day programme that starts the conversation about money; students learn about the challenges of making money, the importance of starting to save and invest early; and what it means to spend wisely. They are introduced to concepts like delayed gratification and compound interest, and learn how to create a simple budget for their own lives.

13 to 17 year olds can join the Young Leaders Academy, which provides a financial literacy foundation for teenagers. Here they learn the basics of financial management and are exposed to the fundamentals of investing. Students have the opportunity to put their newly acquired financial knowledge into practice through a simulated business start-up and a stock market simulation challenge. 

“Then comes the Future Leaders Academy for 18 to 24 year olds, offering young adults the opportunity to deepen their understanding of the principles and practical applications of creating, managing and growing wealth,” says Dr Tshume.

At the Future Leaders Academy, students tackle real-life money challenges centred on building wealth and acquiring lifestyle assets. They learn about preserving wealth through exposure to the principles of investing, and Legacy Wealth through exposure to thought leaders and inspirational speakers.

Both the Young Leaders Academy and the Future Leaders Academy include activities to build attendees’ self-awareness – which is a crucial component of their personal development at these key ages – by giving them insight into their unique strengths and how this affects their relationship with wealth and money.

According to the Pershing Report, 70% of high-net worth families lose all their wealth in the second generation and 90% lose it all by the third generation.

“There is a dire need for families to get advice on what proper succession planning involves. They can radically improve asset protection and estate planning by employing goals-based planning with cost-effective solutions,” says Dr Tshume.

The last of Standard Bank Wealth and Investment’s Leadership Academies is the Women’s Wealth Academy, which focuses on Money Mastery, Investing, Raising a Financially Fit Family and Philanthropy. Through inspirational talks and interactive conversations, delegates learn the fundamentals of investing and how to create their own financial roadmap. Finally, they partake in facilitated conversations about how to raise financially responsible children, how to nurture children’s early passions and curiosities, and tackle topics like gratitude and giving back.

“Africa is our home, we drive her growth and nothing makes us prouder than being in the position to provide our clients and their families with the tools to better manage and grow their wealth,” says Dr Tshume.

"Wealth is for everyone, no matter their age. Our footprint throughout Africa, including countries such as Kenya, Nigeria, Ghana and Mauritius, as well as international offices in London and Jersey, combined with Standard Bank Group’s more than 154-year history, strengthens our ability to drive Africa’s growth by empowering our continent’s youth.”

The Leadership Academies are offered as added value to Standard Bank Wealth and Investment clients. For more information, click here

Thandu 2

Dr Thanduhlanga Tshume

Standard Bank Head: Wealth Academies  

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