Wise up, save for your future, financial security
ALEXANDRA – She urged them not to be deluded by the 'why bother after all its too little attitude'.
A drastic change in mindset is necessary for Alex residents who want to become financially secure.
The advice directed particularly at those in the lower-income bracket is from Zanele Molobi of Isithebe Financial Wellness company.
Molobi has been running a financial wellness course for 16 to 65-year-olds at Sankopano Community Centre since last year. “Many people, from young to old, tend to rely on social welfare grants for survival,” Molobi said urging them to seek financial independence rather than grants which she warned weren’t guaranteed forever.
She also was concerned about some residents in the township who opted to remain in abusive relations just to retain their breadwinners. She attributed this to poor or lack of financial planning and said financial ‘intelligence’ was an absolute must for one to retain their independence and self-esteem.
“We apply practical local examples to get the message home, create awareness on the value and importance of saving from when they start work, in readiness for retirement or for other ventures to enhance their financial well-being.”
Molobi added that many regarded it as pointless to save from the little income they made saying they were left with nothing after all the expenditure. “Yet, that little they could have saved would at the end amount to a compounded significant capital savings with interest and other accruing benefits before they retired. Also, financial ‘intelligence’ knowledge gained would motivate them to look for additional options to enhance their income.”
She urged them not to be deluded by the ‘why bother after all its too little attitude,’ saying such should be discouraged as it derived from financial illiteracy. “The training will help those who are keen to shed this apathetic attitude around money and make them value money and financial management more positively in readiness for a rainy day. It will help them to end a cycle of inter-generational poverty in which many are trapped.”
She further urged those opting for funeral policies to desist as these policies were limited in scope and disregarded other essential needs such as children’s education.
Molobi also urged the participants to practise the knowledge gained, complete assignments and feedback to measure improvement in their financial skills and security. This she said out of concern with some showing a lacklustre attitude in the sessions.
“I hope they don’t attend just for the meals prepared by a local vendor as part of the company empowering local vendors.”
The courses modules are on:
- Needs versus wants and budgeting
- Banking, lending and saving
- Insurance
- Retirement
Related article:
https://www.citizen.co.za/alex-news/120761/emerging-franchise-opportunities-worth-investing/
