Financial education for your staff – is it worth it?

In a recent post we discussed the importance of investing in financial education solutions for your staff and whether they made a meaningful change in behaviour for your team.

“Am I responsible for the personal finance habits of my staff?”

“Money is a very personal topic – how do I facilitate these sessions in a meaningful manner?”

“I’m not an investment expert – how do we make financial wellness or financial education fun?”

These are all questions that businesses, Human Resource Managers, HR Directors and and business owners are grappling with as they try and work out whether to invest in their staff education.

With this mind, we reached out to Simon Brown from JustOneLap to answer some of these questions. Simon has seen it all and is arguably the leading voice in financial education in the country at the moment. You will regularly see him commenting on television, radio, podcasts and live presentations where he will un-pack complex financial matters in an entertaining and easy-to-follow manner.

Previously he headed up a financial education role at Standard Bank, he launched JustOneLap as a platform to share insights into the world of financial education and managing your money and it has quickly become a “go-to” resource for money-savvy people across the country. We thoroughly recommend you add it to your weekly content library if you are serious about learning to manage your money better!

Simon joined Kelsey to discuss a variety of topics including:

  • Why property may not necessarily be a great investment
  • Why businesses struggle to implement financial education / financial wellness solutions for their staff
  • Why there is nothing wrong with owning second hand cars

Gamify rather than lecture when building financial education solutions for your staff

A key point that Simon raises is that when staff hear that the business will be hosting financial education or financial wellness initiatives is that organisations struggle with whether to make it compulsory or optional.

With money being such a personal topic, team members are often very reluctant to share their stories in front of their peers.

One of the ways to get around this is to look at gamifying the process. One of the teams we work with has introduced some exciting initiatives for staff including challenges where team members can win EasyEquities vouchers or are financially-rewarded for personal growth and development.

Why does financial education for your staff actually matter?

There is no question that South Africans struggle with poor financial and money management habits. A big part of this is as a result of not being taught basic financial principles at school and this spills over into their professional lives.

At any point in time – between 75% and 85% of the average salary is being used to pay debt. This situation has been exacerbated by the COVID-19 pandemic which rocked the local economy and severely impacted the ability of people to earn an income.

Interest rates are also on the rise.

The below graphic from Transunion forms part of their quarterly Consumer Pulse Survey and it shows just how hard South Africans are battling with their money.

Why Financial Education Matters for your staff

When your staff are under significant financial strain, you will find them detached, un-focused, struggling to deliver on key metrics and ultimately suffering both physically and mentally.

By choosing to invest in the financial education of your staff, you are investing in your greatest asset and making a conscious decision to drive profitability in your business.

If you are interested in implementing a financial education solution for your staff on an ongoing basis, or you’d simply like to have a qualified financial planner or coach do some ad-hoc presentations for your staff, please do not hesitate to contact us and we would be happy to assist.