Financial literacy is one of the most important, yet often most neglected areas of employee wellness.
The reality is that only about 7% of South Africans earn enough money to survive once they have retired. This means, without relying on someone else to look after them financially. This places a lot of stress on organisations, individual caretakers and the government to look after the remaining 93%.
Another scary fact is that more than 45% of credit users are 3 or more payments behind. This means that nearly half of credit users in South Africa are so far in debt that they will probably never be able to recover. These are not just statistics; it affects your employees in more ways you can ever imagine, and they are part of the figures.
The impact of financial stress on employees
Financial stress robs employees of their productivity and peace of mind and causes high levels of anxiety. It increases sleeplessness, depression, alcohol and drug abuse, as well as suicide. Employees spend time at work thinking about their financial struggles and often miss work because of financial emergencies.
By empowering and supporting your employees to become financially literate, you decrease the risk that they will fall into financial difficulty, increase engagement and loyalty, and give them the right tools to manage their personal finances and personal wellness.
Introducing Digemy’s financial literacy solution: BeSmarta
To address and hopefully diminish this massive skills shortage faced by South Africans, we have created BeSmarta, a financial literacy course series that is tailor-made to solve the issues leading to over-indebtedness and delinquency. By harnessing 10 years of experience and research in consumer financial behaviour and financial modelling, we enable you to learn how to budget and automate your finances, how credit works and how to use it responsibly, and how to create SMARTA financial goals that can change your financial future.
We enable organisations to educate their employees in a cost-efficient, scalable, fun and engaging way, by using tailored courses on our award-winning knowledge focused learning platform.
Join us on our journey to change the financial climate in South Africa. Get in touch with us at email@example.com and kickstart your organisation’s financial wellness journey.