Michelle Burger
Want to help your low income workforce enjoy a ...
Want to help your low income workforce enjoy a worry-free January? Encourage them to start budgeting now
Michelle Burger
Weaving a Tapestry of Hope for Low Income ...

Picsa’s financial solutions were built around the principle of hope: we want to give low income workers hope that they can overcome their debt and we want to be a beacon of hope for them and their families for the future. 

Just like tapestry weaving involves slow and steady work to weave unique pictures, we believe that steady progress in terms of achieving financial goals is possible. 

Weaving a Tapestry of Hope for Low Income Workers in South Africa
Michelle Burger
Client Testimonial: “Picsa has helped us become ...
Client Testimonial: “Picsa has helped us become financially mature adults”
Michelle Burger
Empowering Women in Blue-Collar Jobs to ...

South Africa commemorates Women’s Day during August, with the theme “Celebrating 30 years of democracy Towards Women's Development”. However, according to StatsSA, the labour market in South Africa still favours men over women, revealing large gender gaps in employment and indicating that women’s development still has a long way to go.

This issue is not unique to South Africa. Globally, workplace inequalities between men and women persist, with less women participating in the labour force than men. Additionally, women are less likely to secure employment compared to men.

Empowering Women in Blue-Collar Jobs to Navigate and Overcome Financial Challenges
Michelle Burger
How to Start Saving when Money is Tight

"There’s no time like the present." This saying holds especially true when it comes to saving. With countless good reasons to start saving, it often feels like there's never a good time to actually do it. Life's unexpected challenges – the car breaking down, a child's illness, and many other unforeseen expenses – can easily derail even the best-laid plans. National Savings Month is the perfect opportunity to overcome these obstacles and make a commitment to your financial future.

How to Start Saving when Money is Tight

short-term investments

Supporting Low-Income Workers: National Savings Month and How Employers Can Help

Our nation is faced with a challenge: a shockingly low savings rate of just 0.5%. Deloitte South Africa's recent findings shed light on the income households, businesses, and governments save instead of spending in our economy. This indicator reflects the health of our nation's finances and provides insights into future investment trends. However, this data barely scratches the surface. 

Many South Africans need help to keep their budgets out of the red in our current economic climate. The rising cost of staple foods along with the increased costs of everyday living make it especially difficult for most households to survive, let alone save. Sadly, those earning in the low-income bracket, who make up most of the workforce in South Africa, are especially hardest hit as they often rely on debt to make ends meet. Ultimately, the only lasting way to get out of debt is to change the way you think about and spend your money. 

National Savings Month

The Savings Institute of South Africa has designated July as the annual National Savings Month, which provides employers with an opportunity to not only remind cash-strapped employees about the importance of saving but also to provide help that will benefit them both now and in the future.  

Savings month challenges consumers, to strive towards living within their means, and to reinforce positive financial behaviour.  Research has shown that more than 80% of middle-income consumers with monthly earnings between R15 000 and R42 000 have no or limited savings.  You can only imagine how hard it must be for that earning in the low-income bracket to save. 

To help South African consumers during the global financial crisis, consumer protection agencies have come together to encourage a saving mindset. Their goal is to improve the financial health of all South Africans by promoting the habit of saving.

How to support your workers' financial health journey?

As an employer, you can greatly impact and change the course of not only your employees but also their families' lives.  By investing in your employees' financial health, you contribute to their overall happiness, engagement, and productivity in the workplace. 

It's important to consider a holistic approach by incorporating a variety of strategies. Here are some ideas that you can implement to support your workers:

  • Encourage budgeting and financial planning: Provide resources and workshops on budgeting techniques, saving strategies, and financial goal-setting to help employees gain control over their finances. You can invite registered financial organisations like Picsa to help your workers with this and to present an interactive workshop.

  • Offer financial education and literacy programs: Collaborate with financial experts or partner with organisations like Picsa to provide educational sessions on topics such as debt management, investment planning, and understanding financial products.

  • Provide access to financial tools and resources: Offer employees access to financial management apps, online calculators, and resources that can assist them in tracking expenses, setting savings goals, and making informed financial decisions. 

  • Implement workplace savings programs: Establish employer-matched savings programs or retirement plans that encourage employees to save for the future and provide them with a sense of financial security.

  • Offer affordable loan options: Explore partnerships with responsible financial institutions or companies like Picsa to provide low-interest loans or emergency funds for employees facing unexpected financial challenges.

  • Promote employee wellness programs: Recognise the link between financial stress and overall well-being. Consider offering employee wellness programs that address financial health, such as stress management workshops or employee assistance programs.

  • Foster a supportive and inclusive workplace culture: Create an environment where employees feel comfortable discussing financial concerns and seeking advice. Encourage open communication and provide avenues for employees to seek guidance on financial matters.

By partnering with Picsa, a commercial financial health company dedicated to the financial health of low-income workers, you can help reshape the financial trajectory of your employees. Picsa is a partner to employers to help them support their workers’ financial health.

What does Picsa do?

At Picsa, we believe that all South Africans should have access to financial products such as emergency savings, short – and long-term investments, affordable funeral plans, and responsible financial loans. We tackle the financial needs of South Africa’s majority labor-intensive workforce through our value-for-money products, practical education, and meaningful rewards. 

Benefits of Picsa

We’ve been partnering with employers in the agricultural, retail, manufacturing, and hospitality industries since 2012. Our products are affordable and are designed to encourage positive behaviour change. Some of the benefits of partnering with us include:

  • Reduced administration: Picsa has leveraged technology to simplify the contributions and deductions process, thereby lowering the administrative burden on you as an employer.

  • Independent relationships: by letting us take responsibility for your employees’ financial health, the relationships you have built with your teams remain professional.

  • Productive employees: employee productivity will increase because of employees experiencing financial peace of mind, knowing that they are on their way to achieving financial health. Money and debt problems remain one of the leading causes of employee stress, which affects physical, emotional, and mental well-being. When employees feel in control of their finances and are confident in their ability to manage this area of their lives, their overall well-being will improve, translating into reduced absenteeism and higher productivity at work.

In conclusion, supporting your workers' financial health is a crucial investment that can positively impact their lives and your business. National Savings Month presents a prime opportunity for employers to make a difference. 

By partnering with Picsa, you can help reshape the financial trajectory of your employees. Picsa offers affordable financial products, practical education, and meaningful rewards, all designed to encourage positive behavior change and improve financial health. Contact us to learn more about our simplified wealth-creation solutions. 

Together, we can empower your employees to thrive both at work and in life.