Helping employees make sense of their cents to boost your bottom line

Money Sense: personal financial skills

At some stage, we’ve all been lured by the tantalising bait of advertisers and salespeople.

While it’s important to dream about the things we want, pursuing these wants should not outstrip our ability to meet our needs. Differentiating between ‘wants’ and ‘needs’ can be tricky, as revealed by Free To Grow’s Statistics on South Africans spending wiselyFinancial Wellness Survey. Gathered between 2001 and 2020, this survey reflects the responses of over 7 000 employees.

When asked about their buying habits, only 25% of respondents indicated that they spend their money wisely. In other words, they were buying for need ahead of want. Equally concerning, is that only 27% of respondents said they have a budget. With 3 out of 4 employees spending unwisely and managing their finances ineffectively, it’s evident that South Africa’s workforce is under financial stress. A situation that has been exacerbated by the pandemic, where many have been faced with pay cuts and job losses.

The impact

Long-term stress can lead to health problems such as anxiety, depression, or sleeping disorders. This leads to absenteeism, lack of motivation and a decrease in overall productivity. While employers can’t make these stressors disappear, they can positively influence employee wellbeing and productivity by offering financial wellness programmes that provide practical knowledge. This supports informed decision-making and builds employees’ personal financial skills, enabling them to handle their money more effectively.

Our approach

Free To Grow’s Money Sense programme has equipped over 23 669 employees in 385 organisations with personal financial skills, providing not only the knowledge and skills but also addressing the underlying values and attitudes toward money that shape spending.

Money Sense does this by addressing the following key focus areas:

  • Looking at money: your money personality and the role of money in building a quality life
  • Making ends meet: steps to cutting costs and budgeting effectively
  • Buying wisely: understanding credit, and when and how to use and finance it
  • Managing debt: coming to grips with debt and ways to deal with it constructively
  • Making money grow: different saving options and the importance of setting goals.

Our contribution during the pandemic

We are committed to making a difference and are offering our Money Sense programme for entry-level employees at a whopping 50% discount. Traditionally a two-day workshop presented face-to-face, we now also offer shorter sessions presented virtually focusing on specific themes.

What our clients say

Client testimonial Money Sense

Contact your Free To Grow consultant or Kim van Schoor on 084 442 5619 or to explore how we can shape a solution that meets your needs.