University of Cape Town (UCT) staff in pay classes 2 to 6 are benefiting from free financial literacy training being offered via the UCT Retirement Fund in response to their requests for assistance with how to make the most of their money.
Research shows that South African households spend almost 75% of their income on servicing debt, leaving only 25% for monthly expenses, savings and emergencies, according to the Association for Savings and Investment South Africa (ASISA), which conducted the sessions, the first of which took place in February.
Margie Tainton, UCT Retirement Fund communication committee chair, explained that the training is offered to all staff who earn less than R20 000 a month, and had been extremely well received by attendees.
About 20 people attended the latest workshop on 23 October, and there are plans to extend the benefit to as many as 800 people next year.
“About 20 people attended the latest workshop on 23 October, and there are plans to extend the benefit to as many as 800 people next year.”
Sessions are pitched at layperson level, and include topics such as:
Tainton said these insightful and educational sessions had proven extremely valuable to staff members.
The ASISA Foundation, which oversees the training, works to help South Africans save and invest more, by giving them access to meaningful consumer financial literacy. They aim to influence a change in behaviour through the transfer of knowledge and skills development that helps people manage their financial affairs more effectively.
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