Debt in the Workplace financial wellness solutions for tomorrow | today.

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Presentation transcript:

Debt in the Workplace financial wellness solutions for tomorrow | today

‘me and money’ Before we get started… O HOW DOES MONEY MAKE YOU FEEL ? financial wellness solutions for tomorrow | today

‘me and money’ Before we get started… O DO WE TAKE OUR MONEY SERIOUSLY ? financial wellness solutions for tomorrow | today

‘up for discussion’ This is what we will cover this evening O the South African context O considerations and challenges O should employers care? O two choices O can we help you further? financial wellness solutions for tomorrow | today

‘the South African context’ R1.3 Trillion R268 Billion 75% Debt to Income 70 million credit transactions financial wellness solutions for tomorrow | today

‘the South African context’ As at March 2012… credit active consumers in “good standing” issued “judgements” “adverse” listing financial wellness solutions for tomorrow | today

‘the South African context’ As at March 2012… months in arrears – 2 months in arrears impaired records increased financial wellness solutions for tomorrow | today

‘the South African context’ As at March 2012… enquiries made on consumer records credit reports issued disputes lodged financial wellness solutions for tomorrow | today

‘the South African context’ The total cost of garnishee orders paid by public servants? R1.01 Billion financial wellness solutions for tomorrow | today

‘the South African context’ Consider this...out of every 100 South Africans who work, at age 65… O 49 will be dependent on the state or family O 29 will be deceased O 12 will be bankrupt O Five will still be working O Four will be able to retire comfortably O One will be wealthy financial wellness solutions for tomorrow | today

‘the South African context’ Do we have a debt problem in South Africa? YES! Can Employers help? YES! financial wellness solutions for tomorrow | today

‘considerations and challenges’ O Do your employees… O understand their relationship with MONEY? O use a personal BUDGET planner? O battle under DEBT? O have a plan to REDUCE debt? O ask for a LOAN or an ADVANCE? financial wellness solutions for tomorrow | today

‘considerations and challenges’ O Do your employees… O commit towards SAVING? O plan in case of RETRENCHMENT? O understand INVESTMENTS? O know how to PLAN financially? financial wellness solutions for tomorrow | today

‘should employers care?’ O A financially distressed employee means… O theft | corruption | fraud O absenteeism | “absent at work” | poor motivation O problematic to manage | accidents O disruptive in the workplace financial wellness solutions for tomorrow | today

‘should employers care?’ O A financially distressed employee means… O less take home pay – Garnishee Orders O problematic wage and salary negotiations O strike action [violent] | stay- aways O increased union activity O all this will impact on the workplace… financial wellness solutions for tomorrow | today

‘two choices…’ O implement a workplace based financial wellness program covering… O personal attitude | relationship with Money O personal budgeting | cash flow management O setting of short | medium | longer term life and financial goals financial wellness solutions for tomorrow | today

‘two choices…’ O understand the fundamentals of debt O debt recovery and rehabilitation plan O limit dependency on credit O understand savings | investments O raising financially responsible families O financial discipline as a lifestyle choice financial wellness solutions for tomorrow | today

‘two choices…’ O further financial planning considerations O implementation considerations | year round O adopt the financial wellness program as part of the HR training calendar | EAP program O beware the “freebies” there is no free lunch O conflict of interest financial wellness solutions for tomorrow | today

‘can we help you further?’ O go to for details O Workplace based financial wellness programs O One on One personal financial coaching O brochures and fact sheets to download O client feedback | financial wellness blog O handy self help tools | resources | links financial wellness solutions for tomorrow | today

Thank you for your participation financial wellness solutions for tomorrow | today