Sanlam empowers communities with free financial training
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Covid-19 has had a devastating impact on people’s livelihoods. In response, and as a part of its ongoing financial education drive, the Sanlam Foundation has funded a project where Avocado Vision will work with more than 9 000 South African beneficiaries over the next three months. The businesses are calling on citizens to apply to attend the financial education projects that teach essential money management habits which contribute to the financial well-being, resilience and prosperity of the greater community.
Nozizwe Vundla, Head of the Sanlam Foundation, says: “Consumer Financial Education (CFE) is the key pillar of our work, at the Sanlam Foundation. We have identified that limited knowledge of how debt is managed means that many South Africans are susceptible to the economic pressures of rising living costs. This contributes to low saving rates that are aggravated by associated factors such as predatory lending.”
Financial literacy is a key component to improving individual financial behaviour, preventing over-indebtedness and ensuring overall financial resilience. Stats SA reported 2.2 million jobs were lost due to the severe impact of the Covid-19 pandemic on the South African economy.
“There has never been a better time than now to empower economically marginalised communities with financial literacy,” says Vundla.
By ensuring communities are financially equipped, the Sanlam Foundation aims to make an impact in all nine provinces of South Africa, says Vundla, who calls on individuals to sign up to learn the basics of financial literacy via the three interactive programmes offered by Avocado Vision.
“We specialise in personal financial education and in SMME business development,” says Henry Sebata, Managing Director at Avocado Vision. “We have created innovative delivery models to reach and empower communities around South Africa with knowledge and skills to make a difference to their lives and their futures.
“This partnership with the Sanlam Foundation makes sense because our strategic objectives align: To empower people and communities with the necessary skills and insight to make better choices and live bigger lives.”
The three programmes are as follows:
‘Money fo’ Sho!’
Money fo’ Sho! teaches basic financial skills in one day. This personal financial management training programme is designed to provide participants with a deeper understanding of the principles of money management. It encourages participants to take stock of their current financial situation and empowers them with the knowledge and tools to plan for the future and make informed decisions about their money.
This programme comprises 12 in-depth consumer financial education ‘Money Modules’. Each module covers basic everyday topics such as saving and investing, retirement, and the importance of knowing all things tax related.
Digital Consumer Financial Education
Due to the Covid-19 pandemic and its impact to offer face-to-face financial education training, the “Surviving Covid-19 Financially” WhatsApp webinar was introduced. This programme aims to identify and understand how unexpected events affect finances, identify and understand the difference between needs and wants, understand how unexpected events can impact needs and wants, how to re-prioritise needs and wants, and how to create and adjust budgets.
“Educating and empowering citizens to make informed decisions about their money through financial literacy and education projects ensures a better future for all”, adds Vundla.