THE Mandela Bay Development Agency (MBDA) has shown its support to the personal and financial independence of its workforce by providing financial literacy and astuteness training to over 200 new recruits.
“An informed workforce is an empowered workforce,” said Luvuyo Bangazi, Acting CEO of the MBDA. “We believe in providing sustainable opportunities that allow for personal and financial independence.”
The decision to provide this training was inspired by the realisation that many of the recruits were first-time employees, with little or no financial literacy training.
“Many of them have dependants, and we know that most have to balance immediate needs vs long term financial planning. We also know that there are unscrupulous lenders who take advantage and often run illegal lending operations,” explained Bangazi.
The feedback from the recruits has been overwhelmingly positive, with many expressing appreciation for the training, especially within the month-end period.
“We understand that this sort of training will take time to filter into habits, and we are prepared to bring relevant partners on board to provide support as and when required,” noted Bangazi.
The MBDA plans to continue supporting the personal and financial independence of its workforce beyond this training, by offering opportunities through its appointed financial services providers, at no cost to the entity or recruits.
“We have a panel of service providers, ranging from healthcare, investment and health wellness, to counselling. These interventions are in line with our MBDAWay approach, that is to look at development holistically, people, space and the economy,” said Bangazi.
The training is part of the WageWise programme, a consumer education initiative targeted at workers, to help them effectively manage their finances.
“Financial education builds financial knowledge, capability and resilience of workers. We are committed to supporting our workforce in achieving financial independence,” emphasised Bangazi.
