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.