ubank has designed a financial literacy programme that is aimed at assisting customers to make informed decisions about their money. Through the use of seminars and workshops that cover various financial literacy and many finance related issues, invaluable insight is provided to customers.
Some of the financial literacy topics discussed include: budgeting skills, the dangers of loaning money from loan sharks, how to read payslips, usage of ATM and Debits Cards, what interest means and how it is calculated.
In all of the aspects of financial education we focus on the risk, rights and obligations of consumers relating to any decision in relation to money regardless of how big or small the amount is.
The financial literacy programme participants receive a 105 page manual, which enables the participants to put many of the principles learned into practice immediately, creating the possibility for a level of behaviour change.
As ubank, we believe that the post-training feedback not only shows the participants the value of the content of the financial literacy training but also highlights the positive impact of their financial decision-making.
To our delight, this financial literacy programme has proved to not only benefit the mineworkers, but their families and communities at large. In so doing, the financial education initiative has helped to protect them from being easy targets of informal lenders. Most of the participants are the bread winners of their families and found the training to be very relevant to their lives and the responsibilities they carry. As a result of our financial literacy programme, some of the mining houses are keen on incorporating the material into their New Employee Orientation Programme.
Through the funding of the Financial Education Fund (FEF), ubank’s efforts have over the past two years successfully managed to reach out to an estimate 6000 mineworkers from three mining houses (Harmony, Anglogold and Goldfields). ubank would like to encourage the FEF to continue funding and supporting similar financial literacy initiatives to empower people who largely need the helping hand.
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