The 2022 Momentum Unisa Household Financial Wellness Index has just been released. The report reveals that South Africans are making progress in recovering from 2020, our annulus horribilis, but need a helping hand. 

"South Africa is facing a cost-of-living crisis, people are struggling to keep their heads above water," says Bertie Nel, Head of financial planning and advice, at Momentum.

"This is the opportune time for companies to consider offering benefits that promote financial well-being alongside the traditional retirement and insurance benefits most South African companies already offer. In today's economy, an employer that takes financial wellbeing as seriously as mental and physical health will be seen as a trailblazer; retaining and attracting talent in the process."

While employers can't make the financial problems of their employees disappear, they can show they care by giving them the gift of the skills and tools to enhance their financial wellbeing and, in turn, their overall wellbeing and productivity.

The majority of respondents in the State of Wellbeing Barometer indicated that having their employer's support in building their financial wellbeing would change their attitude to work (85%), shift their views on management and leadership (83%), improve their productivity (85%) and contribute positively to their physical and mental health.

Free To Grow's tried and tested Money Sense programme equips employees with essential personal financial skills, providing not only key financial knowledge and skills but also addressing the underlying values and attitudes toward money that shape spending patterns.

A cost-effective option for larger organisations is to purchase a licence and have your internal facilitators trained to present Money Sense inhouse. 

The University of the Free State (UFS) will shortly be insourcing approximately 400 contract staff on a fixed salary with benefits. Caring about the financial wellbeing of their people, the University has purchased a license to present Money Sense in-house to the new staff members and 500 employees over a three-year period.

This week, 7 internal facilitators are being trained to equip their employees with the skills and tools to take control of their personal finances.

The group of facilitators have found the content meaningful and relevant, and loved the experiential nature of the programme. Learning about serious topics like debt and budgeting CAN be fun, they discovered! And fun makes the learning stick!

Juanita Burjins, Head of Learning and Development, is thrilled with the outcomes:
 

"This is a wonderful programme. The objective is to provide our employees with a set of skills and knowledge that will allow them to make informed and effective decisions with regards to all of their financial resources/situations so that they can manage their money effectively."

It's wonderful to see that not only large corporates and institutions are increasingly focusing on employee's financial wellbeing, but that smaller organisations are doing so too. Aqunion is the union of three well-known South African abalone businesses (Aquafarm Development, Roman Bay Sea Farm and SPP Canning). With the help of Money Sense, their employees gained practical skills to manage their personal finances more effectively - ahead of the upcoming "silly season".

Michelle Kruger, HR Manager: Talent and Wellness was delighted with the impact:

"The feedback is very positive. Our employees found Money Sense extremely useful and really enjoyed the way it was presented. They have even suggested that we include it in our induction programme."