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Debt in the Workplace

Debt in the Workplace. ‘me and money’. Before we get started… HOW DOES MONEY MAKE YOU FEEL ?. ‘me and money’. Before we get started… DO WE TAKE OUR MONEY SERIOUSLY ?. ‘up for discussion’. This is what we will cover this evening t he South African context c onsiderations and challenges

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Debt in the Workplace

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

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

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

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

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

  6. ‘the South African context’ As at March 2012… 19 340 000 credit active consumers 7 465 240 in “good standing” 2 746 280 issued “judgements” 2 378 820 “adverse” listing financial wellness solutions for tomorrow | today

  7. ‘the South African context’ As at March 2012… 3 848 660 3+ months in arrears 2 901 000 1 – 2 months in arrears 119 000 impaired records increased financial wellness solutions for tomorrow | today

  8. ‘the South African context’ As at March 2012… 310 000 000 enquiries made on consumer records 120 094 credit reports issued 10 357 disputes lodged financial wellness solutions for tomorrow | today

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

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

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

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

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

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

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

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

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

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

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

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

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