With South Africa’s unemployment rate now being one of the highest in the world, more and more people are turning to short-term or freelance work to quickly adapt to new technologies and learn new emerging skills that increase their opportunities to actively participate in the rapidly emerging digital economy.
This is essentially a labour market that is made up of short-term jobs, that includes contracted or freelance work, as opposed to permanent jobs. In the post-COVID-19 world, technology is enabling more widespread, flexible and on-demand work opportunities, which can benefit both companies and individuals. However, market experts warn that this type of employment is not always easy to manage effectively, with some employees struggling to manage their money for long-term sustainability.
“Freelance work removes the predictability and security of a regular salary, leaving individuals to manage their own finances and budgets. Many freelance workers find that while making money is easy, holding on to it is a different story altogether,” says Idris Seedat, Johannesburg Stock Exchange (JSE) Head of Transformation and CSI. “This is often because people’s financial literacy is relatively poor, making it difficult for them to effectively save or investment their earnings in a way that will make their money work for them.”
The JSE’s Virtual Trading Game (VTG), which is a virtual trading platform that simulates a real trading environment and gives members of the general public a risk-free opportunity to trade shares, presents the ideal opportunity for individuals to gain knowledge and learn to invest their money wisely.
“The game helps those participating to learn about the fundamentals of investing and encourages them to research and strategise around trading of JSE listed instruments. Participants test their trading skills through a simulated trading programme where performance is tracked and measured,” says Seedat.
“As the continent’s biggest stock exchange and as a responsible corporate citizen, we would also like to play an active role in creating a financially literate society in South Africa. What better way to do this than to allow South Africans to gain real life skills in investing and trading on the stock exchange while participating in an exciting game with a chance to win cash prizes for their participation?”
Each VTG participant receives a virtual R1 million to build an investment portfolio and is free to trade on the market. The rankings on the leader board are based on the holdings (gains and losses) of each user. To keep things simple, the competition entails trading of shares and exchange traded funds (ETFs) only. Participants will also benefit from earning interest on their cash holdings.
Now in its second year, entry and participation in the competition is free of charge for qualifying individuals. The VTG is open to the general public, for anyone who is a South African citizen or who is a resident of South Africa.
“We strongly encourage people who are interested in investing and financial matters to take up this opportunity to learn and earn while gaining a quick appreciation of the workings on a well-regulated market for financial instruments,” concludes Seedat.
The competition will run until 23 September 2022, with R100 000 up for grabs in investment vouchers. So, go ahead and register to participate in the game! Winners will be announced on 28 September 2022.
Click here to access the virtual trading platform
