Tag: financial stress

With the mounting cost of monthly expenses such as rent, transport, food, and electricity, financial stress has become a growing concern for South Africans who are trudging through these tough economic times.

In his budget speech on 22 February 2023, the Minister of Finance announced that the proposed two-pot system will take effect on 1 March 2024. Many had hoped for a delayed implementation date, given the development required to systems to accommodate the new structure.

Given the current high cost of living and uncertain economic environment, being caught off guard by an unforeseen life event may place one in a far worse financial position if no insurance policies are in place to safeguard themselves and their assets.

Earned wage access (EWA) is rising in prominence as a powerful HR tool for employers to retain and attract talent. This statement is supported by a new report issued by J.P Morgan titled Financial Inclusion Through Payments. We are a contributing author to the report.

In a world where we face mounting financial pressure, it becomes increasingly difficult to stick to the confines of our budget and keep our spending in order. Rising interest and inflation combined with skyrocketing fuel costs have knocked the finances of South Africans, leading to a rise in debt as consumers increasingly turn to credit to make ends meet.

A need for flexibility at work, employee benefits, the effects of the great resignation on organisations, the increased role of technology and a shift to a gig economy are some of the trends that were discussed at our Corporate’s Partnership Connect 2022 event in Rosebank.

Between 70 and 80 percent of South Africans do not have a will to protect their loved ones in the event of their untimely death. Unfortunately, this will not only burden the surviving family members with unnecessary emotional and financial stress but will also delay them gaining access to their rightful inheritance.

Financial stress. Lower productivity. Poorer profitability. It’s a slippery slope that South African employers have to manage. The inaugural 2022 State of Employee Wellbeing Barometer says the impact of financial stress on business profitability is a slippery slope that South African employers have to manage.

Media publications around the world are buzzing with anecdotal evidence of what has been called The Great Resignation – the COVID-19 lockdown-driven reassessment by individuals of the meaning of work in their lives. 2022 is shaping up to be a year of reckoning where employees and organisations both determine what is important for them and how they can continue to work together.

There has never been a more critical time than now for employers to celebrate worker’s month by providing their employees with structured wellbeing programmes with a particular focus on financial wellbeing that can ultimately affect the bottom line if not managed effectively.