Personal financial literacy: Why it matters in the workplace

Alarmingly, South Africa ranked last out of 19 countries in one of the most recent polls providing insight into global adult financial literacy.

 

A financial wellness survey conducted by Free To Grow over a period of five years highlights that many employees struggle to handle even the most basic aspects of their personal finances. Of the 1 014 respondents:

  • over 61% indicated that they were unable to budget effectively
  • 79% of the respondents’ personal finances were negatively impacting their stress levels
  • 69% reported that their physical health was negatively impacted by the state of their personal finances.

While financial wellness is personal, its impact is not, and a lack of it usually has a big impact on productivity and effectiveness at work.

Source: Barclays Financial Well-being: The last taboo in the workplace, 2016

 

As more and more people struggle with their finances, employers are in a unique position to improve the well-being and ‘presenteeism’ of their employees by enhancing their financial literacy. Financial literacy programmes can be a valuable resource in an employer’s toolkit that not only provides improved personal financial outcomes for employees but can also increase their morale, engagement and productivity.

Our Approach

FTG’s tried and trusted Money Sense programme equips employees with the essential skills to take ownership of their personal finances by:

  • Creating a positive and responsible attitude towards money
  • Providing practical knowledge as a foundation for informed decisions, and
  • Building essential skills to handle money effectively

 

Benefits to organisations:

  • Energy previously spent on financial pressures now being focussed more productively on work
  • A decrease in requests for loans
  • Reduced absenteeism
  • Lower risk of theft and fraud.

 

Money Sense surpassed our expectations by both creating awareness and giving our employees the skills to manage their personal finances more effectively. We stand amazed at the impact Free To Grow has had on our people and in our business.” –  Jacques Matthee, Organisational Development Manager, APL

Contact Kim van Schoor on 084 442 5619 or kim@ftgsa.co.za for more about Money Sense or visit www.freetogrow.com for more on Free To Grow and our contribution to organisations.

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