Overview

The findings from the WageWise survey on ‘Financial Resilience in the time of COVID-19’ conducted in 2020 during the lockdown, with past participants on the programme, indicated that “financial education supports the financial resilience, i.e., the ability to ‘cope and adapt’ in the face of shocks and adversity”, of participants.  These participants were prompted to make changes to their finances after participating in the programme which enabled them to better withstand the shocks during the COVID-19 pandemic.  They had started to budget, prioritised spending on essential items, and they had started saving.  The results also indicated that by attending the programme they were more likely to track their income and expenses and feel calm about their debt.  These findings support the need for a financial education programme such as WageWise, targeted to assist workers.

Key objectives

The programme seeks to achieve the following with its participants:

  • Achieve financial knowledge and skills transfer, with the ultimate goal of achieving attitudinal and behaviour change,
  • Improve long term financial resilience, through better financial management and improved financial inclusion.

Benefits

 

Click here to view an Infographic on the contribution of WageWise to the financial resilience of its participants.

 

Wagewise Training

Given the challenges posed by COVID-19 and the lockdown restrictions, two training approaches are available.  The best approach to adopt for the workers from a worksite will be agreed with the employer.  The approaches are:

Blended approach

This approach includes face-to-face workshops, which are supported by post workshop activities: WhatsApp messaging with the participants to interact with both workshop as well as additional content on the WageWise website, and a series of USSD journeys to promote engagement with and assess the understanding of the content. 

Workshop format:

  • The workshops are three hours long and are conducted at the worksite.
  • The workshops are conducted in small groups of between 30 to 40 participants. Strict COVID-19 protocols and safety regulations are maintained.
  • Participants are introduced to the WageWise educational website which will encourage the use of the website for self-directed learning post the workshop.
  • Participants receive participant workbooks, training tools and a certificate of attendance after completing all the workshop modules and the self-directed learning post-workshops.

 

WhatsApp for Business approach

An alternative to the face-to-face workshops, is a self-directed learning solution that will help participants acquire key financial education content.

  • This approach is ideal for employees who are not available to attend the three-hour workshop but can have time to go through the self-directed journey on their own time.
  • The majority of South Africans are familiar with WhatsApp and using it as a means of communication.
  • Participants will be taken on an eight-module interactive learning journey. Each journey can be completed within 8 to 30 minutes, depending on the participants.
  • The journey will be easy to navigate, driven by short videos available in multiple languages, infographics, and fun quizzes to check knowledge transfer at regular intervals.
  • As they complete modules and quizzes, participants can earn themselves incentives including data.
  • The journey will also incorporate short Q & A videos with financial experts and participants can be directed to links where they can find more tools to help them take action and handle various situations to improve their financial health.

 

Content

A combination of the following core themes are included but adjusted to align to the training approaches:

  • Planning with money and budgeting
  • Understanding payslips and bank statements
  • Credit management
  • Savings and investing
  • Understanding interest
  • Managing risk and insurance
  • Retirement planning
  • Finances and mental health (light touch)
  • Consumer rights and recourse

WageWise Interactive PDF

To download click here.

View an animated video that tells you more about the WageWise Programme

 

Click here for the Summative report on 'Financial literacy training is key for building financial resilience in times of a crisis'

Click here for the WageWise Overview 2020

Reach & Impact

 

WageWise Reach

WageWise Impact