This is how financial training is empowering SA communities
The Sanlam Foundation has appointed Avocado Vision to deliver consumer financial education that teaches essential money management habits to 8 332 South Africans in economically marginalised communities over the past three months.
The impact of good money habits has a strong knock-on effect, helping families become more financially resilient through budgeting, risk planning and savings, among other things. With a goal of 9 320 people to be trained this year, the programme has almost reached its target.
“We’re delighted with the results of this CFE programme to date,” says Nozizwe Vundla, Head of the Sanlam Foundation. “It is especially rewarding to see that beneficiaries are walking away with knowledge about relevant financial concepts and to see the excitement to apply these concepts to their day-to-day lives.”
According to Avocado Vision, Gauteng and the Eastern Cape were the two top-performing provinces on the financial training programme. Of the beneficiaries in these provinces, 74% fell into the youth category and 99.8% of those trained were Black as defined by the relevant legislation (African, Indian and Coloured).
The programme reached 17% more females than males. Bongani Magagula, a training facilitator at Avocado Vision says this is encouraging as the majority of household spend is performed by females who traditionally have not had access to financial management skills and knowledge.
“Avocado Vision and Sanlam made it possible for the community of Zeignoeg to learn more about financial literacy,” says Magagula. Some of the comments from participants includes:
“I now understand why it is important to save money”
“This was the best training I've ever attended, if possible, I'd appreciate to attend again”
“The course was very informative”
“I am looking forward to changing my saving and spending habits”
“I've learned a lot on how to survive under this condition...this training was really helpful”
“I learnt how to make a budget and use money carefully”
The unintended consequences of the lockdown restrictions impacted the roll-out of the three programmes presented by Avocado Vision, which challenged the organisations to implement a blended learning approach. This included face-to-face training, as well as a new virtual (digital) programme, which was adopted and overachieved on the number of beneficiaries that were reached within the first two months.