Promoting Financial Inclusivity Among South African Students

The WageWise Financial Literacy Programme is offered free of charge to employees and employers thanks to funding primarily received from the Sanlam Foundation. WageWise accesses workers through their employers and training is conducted at worksites in both the public and private sector and with train unions.

Using an interactive, engaging and accessible training approach the programmes aims to equip employees with the necessary knowledge, skills and tools to effectively manage their finances. WageWise provides training in the public and private sector and with trade unions.

Who is the programme for?

WageWise financial literacy is designed for employees, with content that aims to enable workers to better manage their finances. The programme aligns with the Financial Sector Code and specifically targets black South Africans who earn up to R350 000 per annum (or R29 300 per month).

The programme has a national reach, engaging with employees in urban and rural areas. The programme ensures that 40% of the people reached are black women and that 25% live in rural areas. Content is aligned with South African Qualifications Authority (SAQA) unit standards.

An L+EARN Secure the Bag participant working at a bench in a manufacturing workshop

How is L+EARN Secure the Bag delivered?

The programme is delivered using in-person and interactive workshops using a story-based approach. Workshops are delivered by skilled and experienced trainers who are drawn from local communities, who speak the local language and can tap into local cultural nuances, helping to make the content more accessible and relevant.

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Participants receive a training manual as well as a toolkit including templates that they can use at home. Workshops are supplemented through the WageWise website which provides resources, tools and educational information to encourage ongoing learning. Participants also receive a series of data-free educational SMSs to act as reminders and content reinforcement. The WageWise Facebook page covers a vast range of content which helps to reinforce learning and nudges participants to make behaviour changes.

Participants also have access to a free 45-minute consultation with a certified financial planner, as part of the ASISA Foundation's Memorandum of Understanding with the Financial Planning Institute of Southern Africa (FPI). Consultations include an assessment of a worker's financial needs, which may include debt management advice, to address any concerns that have been raised during the consultation. No products or services are sold in these consultations.

View the Workshop : How is L+EARN Secure the Bag delivered?
An L+EARN Secure the Bag participant smiling during a financial education session

What will you learn?

Workers who attend the WageWise training are immersed in personal financial education that can be applied in their day-to-day lives. Topics covered in the workshops include budgeting, credit and debt, savings, the role of financial planners, preparing for retirement (including a section on the Two-Pot Retirement System).

The topics of insurance and wills is covered in supplementary channels. Training uses a combination of theory components as well as interactive and practical sessions which allow participants to learn by doing.

An L+EARN Secure the Bag participant working at a bench in a manufacturing workshop
  • It is a privilege to be part of WageWise and the influence it has on the lives of the workers, and the consequential impact this training is having for their households.
    Janete Nel, Programme Manager: WageWise

The Impact of L+EARN Secure the Bag

Since WageWise was launched in 2015, 102 665 employees have been trained across South Africa. The programme is renowned for its tried and tested approach to financial literacy training which is based on robust monitoring and evaluation insights.

Shifting the financial behaviour of students

WageWise has reached over 102 000 employees across South Africa and the programme is driving sustainable financial management behaviour change.

View Impact
A map of South Africa showing the share of WageWise employees reached in each province: 37% Gauteng, 18% Western Cape, 11% Limpopo, 4% Eastern Cape, 3% North West, 2% each in Mpumalanga, Free State and KwaZulu-Natal, and 1% Northern Cape

WageWise participants report shifts in behaviour.

felt WageWise helped improve the management of their finances
99%
drew up a budget in the last month
87%
reported saving in the last month
78%
  • I feel like, for the first time, I'm exposed to a platform where you guys are actually tackling issues we've been taught to shy away from: side hustles, cryptocurrency and so on. I've always been one to juggle school and a side hustle.
    KHENSANI Student, University of Johannesburg

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