14 December 2020
The impact of good money habits has a strong knock-on effect, helping families become more financially resilient through budgeting, risk planning and savings, among other things. With a goal of 9 320 people to be trained this year, the programme has almost reached its target.
“We’re delighted with the results of this CFE programme to date,” says Nozizwe Vundla, Head of the
Sanlam Foundation. “It is especially rewarding to see that beneficiaries are walking away with knowledge about relevant financial concepts and to see the excitement to apply these concepts to their day-to-day lives.”
According to Avocado Vision, Gauteng and the Eastern Cape were the two top-performing provinces on the financial training programme. Of the beneficiaries in these provinces, 74% fell into the youth category and 99.8% of those trained were Black as defined by the relevant legislation (African, Indian and Coloured).
The programme reached 17% more females than males. Bongani Magagula, a training facilitator at Avocado Vision says this is encouraging as the majority of household spend is performed by females who traditionally have not had access to financial management skills and knowledge.
“Avocado Vision and Sanlam made it possible for the community of Zeignoeg to learn more about financial literacy,” says Magagula. Some of the comments from participants includes:
The unintended consequences of the lockdown restrictions impacted the roll-out of the three programmes presented by Avocado Vision, which challenged the organisations to implement a blended learning approach. This included face-to-face training, as well as a new virtual (digital) programme, which was adopted and overachieved on the number of beneficiaries that were reached within the first two months.
Vundla concludes, “The Sanlam Foundation is extremely pleased and encouraged by the number of people who have participated in the CFE training over such a short implementation period of three months. We are gearing up to continue our endeavours to take financial education to more South Africans in 2021.”