Financial Wellness

Financial Wellness

The average person in South Africa is said to spend 13-20 hours per month worrying about finances. This does not mean that they are doing something about it they are merely worrying about it. This does not resolve the financial problem and nor does it help with the health of the individual. It can also affect the productivity of the person in the workplace.

This image gives a fair indication of what an employee is thinking during the hours dedicated this level of stress.

The average person in South Africa is said to spend

On On the other hand employers are trying hard to keep companies profitable and part that responsibility is to keep employees in work.

What is the sweet spot that would help employers and employees – it certainly is not money yet that is what people believe financial wellness is all about. 20% of employees believe that it is the responsibility of the employer to educate them on financial wellness and this is probably because there was neither the willingness nor information for the family to share this with them while they were growing up.

Companies should consider offering workshops for employees to help them understand, amongst others things like:

•             A basic budget,

•             A will,

•             Debt consolidation,

•             Retirement planning

•             Emergency savings funds sdunhideused0

At the end of the day a person not coming out on R5000 per month is probably not going to come out on R15 000 per month unless proper financial management is explained to them.