The training programme included teaching methods related to budgeting, impulse buying, debt and understanding credit scores. The sessions’ facilitator from Breakout Africa said, “We sought to achieve scale and impact through the programme and it has been a privilege to see the participants recognise the importance of financial literacy.”
The East London session marked another milestone in FEM’s project, following successful financial literacy training sessions held in Johannesburg and Pretoria. Recognising the gravity and importance of financial literacy for pensioners, FEM started the project as a tool to support stakeholders’ level of financial knowledge and help them to effectively apply financial skills in navigating their own financial situations.
The 2023 sessions follow last year’s successful results in delivering training to pensioners. The number of beneficiaries trained reached 394 people (comprising FEM pensioners, construction workers and union members) across Gauteng, North-West province, Kwa-Zulu Natal and the Eastern Cape. During engaging discussions with beneficiaries, positive feedback demonstrated growing interest in financial upskilling and well-being.
FEM CEO Ndivhuwo Manyonga acknowledged the collaborative efforts of the team in driving the project. “FEM has a commitment to empower individuals with the necessary knowledge and skills, beneficial in driving informed financial decision-making. The organisation believes that this ultimately contributes to enhancing financial inclusion and economic growth in South Africa”, she stated.
About The Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (FEM)
The Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (FEM) is a mutual insurer that provides Workmen’s Compensation Cover to the construction industry in terms of the Compensation for Occupational Injuries and Diseases Act 1993 (COIDA). FEM was established as a mutual insurer in 1936 and, on the introduction of the Workmen’s Compensation Act 1941, was granted a license to continue to transact workmen’s compensation insurance for the construction industry. FEM business operations are essentially confined to the insurance of employers against their liabilities under COIDA, and related Regulations. For more information, visit: www.fem.co.za
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For 1Africa Consulting (Communications Agency):
Contact: Ms Nompumelelo Mngqibisa
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Email: nompumelelo@1africaconsulting.co.za
