Financial programme held in Bramfishcherville

Pertunia Malingisa, founder of KMP Foundation is spearheading the conversation on getting communities empowered for financial liberation.

This as she kick-started her financial literacy programme in Bramfishcherville last Wednesday.

She said the programme aims to bring financial liberation especially to black communities to foster a healthy relationship with money.

Speaking about the programme, Malingisa said it was still concerning that there were still people who were living beyond their means or could not make their income sustain them throughout the month –end.

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“This is very necessary especially to black community like Braamfischerville. It is an awareness but also a plea for more people to be financial educated, be informed by experts to make more informed financial decisions especially to poor and low income communities so we can have financial inclusion and a society that is financially responsible and independent.

“Our partnership with Old Mutual is built on trying to empower people, create access to information and resources so we can foster a society that has a healthy relationship with money.”

The programmes in partnership with Old Mutual delved deep into wills, better budgeting and planning, increased savings, more prudent spending and better-informed borrowing- encouraging attendees to get on top of their affairs for this life and after.

A study by First National Bank (FNB) showed that middle-income individuals relied on debt with some using at least a quarter of their salary to pay interest on debt.

She said while this was worsened by the impact of Covid- 19, she remained concerned about the high figure of over-indebtedness as one major trap in which many persons fall into.

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“I hope after the event, people will be empowered to know and understand the value of every cent especially given the uncertain economic times in the country- which has forced us to rethink how we need to use money so it can sustain us longer.

“I am hoping they can use the advice and implement the necessary groundwork in terms of finances and also set realistic goals about their finances.

“I believe if we want to create generational wealth in our black townships and communities, it begins with money and the relationship we have with it,” she said.

Coordinator at Old Mutual, Zanele Tshethlane explained that the workshop aligned to their financial education initiatives across different communities aimed at financial inclusion.

Tshethlane said poor financial health was a serious contributing factor to stress, suicide and break down in relationships.

“These financial literacy workshops were geared at ensuring that we develop South Africans to a level of financial literacy that is sound and equips them to a better financial life.

“The problem we are seeing is that people enter into contracts and marriages without understanding the full implications, so the workshop discusses vast issues which are interlinked to money. We empower them to know the right steps to consider.”