Financial literacy for your domestic worker

Financial literacy for your domestic worker

As we stare down the third petrol price increase in three months, we are reminded again that these are not easy times; the majority of South Africans continue to experience the pinch of a rising cost of living. In such circumstances it’s easy to feel anxious or even overwhelmed, but such feelings tend to hide the fact that there is plenty we can do as individuals to influence our bank balance. With some basic financial skills and a bit of discipline you can end the month with less debt and more freedom, but what if you have never been taught how? This is a reality for the majority of people in this country, and one that Simply Financial Services is committed to changing through a nationwide series of financial literacy workshops for domestic workers.

More than 6% of working South Africans are employed as domestic workers, many as the primary breadwinner in their families. If one includes their dependents, domestic workers account for the economic survival of four to five million people in this country. Yet, despite this pressure, most domestic workers do not know how to make the most of their earnings. In response to this need, local financial startup Simply Financial Services (Simply) has started a countrywide campaign to empower domestic workers with financial literacy. Through free one-hour workshops, attendees will learn how to:

• successfully reduce and manage debt

• use compound interest to their advantage

• start saving and make the most of banking services

• prepare and manage a budget

Simply believes that teaching individuals financial fundamentals like these is critical to South Africa’s economic success, but it’s also more personal than that. Domestic workers play a unique role in our society, working in our homes, often looking after our children. The bonds that develop between domestic helpers and their families are intimate: a far more human connection than is found in most industries. Yet, many of our domestic workers carry a silent burden of financial responsibility, sometimes paying for multiple funeral policies that only partially protect their families if something were to happen to them. As Anthony Miller, CEO of Simply, explains, “It’s a harsh reality that when a bread winner dies or becomes disabled in South Africa, his or her dependents are often consigned to poverty.” But it’s not a reality that Miller and his team are willing to accept.

By blending technology with some disruptive thinking, Simply has developed high-value low-cost Domestic Cover – a comprehensive blend of life, disability and funeral cover for less than the price of an average funeral policy. And quick online sign up means that within 10 minutes an employer can radically improve her helper’s financial security and peace of mind. It’s a simple but powerful way to make a difference in the life of an important person.

To find out more about Simply Financial Literacy workshops in your area, sign up at https://www.simply.co.za/domesticworkshops/.

The underwriter of this policy is Old Mutual Alternative Risk Transfer Limited (OMART) a registered long-term insurer.

Copyright 2019 Simply Financial Services (Pty) Ltd. All rights reserved. Simply is a registered financial services provider (FSP: 47146).