Stokvels are a long standing channel for families to curb the constraints of money in their households and as results they enable them to meet their basic financial needs. They facilitate members to work towards their common financial goals and change various family members’ lives for many generations.
Yet this is not enough as many often focus on short term goals of using the stokvels as a mechanism to discipline themselves to put money away, save for year-end groceries, purchasing of much needed household contents or simply sharing the money they saved for personal goals or having
well deserved breakaway holidays.
Ubank Managing Executive: Retail and Consumer Banking Wilson Mosigi said, “Although these are still important for many, we believe that stokvels and savings groups can do much more, hence we introduced the Ubank Sisonke Financial Planning Seminars.
“These seminars, like the one we recently hosted on the 23rd February 2019 in Driekop-Burgersfort, offered financial literacy to our attendees and incorporated topics on money management, savings and investments, credit and debt management, to name a few in a practical, informative and pleasurable approach.
“The seminar aid the members to have a common understanding of money as a group and align the way the group members evaluate the manner in which they balance their spending versus savings. It furthermore enables the group members to make financial decisions which we hope will give them a sense of financial well being and peace of mind about their finances”, remarked Mosigi.
He said this will enable them to make informed decisions, be an inclusive participant in the economy, and help them appreciate the pleasures and benefits thereof.
Mosigi added that previously disadvantaged communities needed to take an active role in their financial lives.
“As a responsible financial services provider, it is our responsibility to educate and empower these stokvels, our customers, especially women as they often “pay forward” their financial knowledge through societies and social gathering” continued Mosigi.
He concluded by revealing that financial independence for local communities was critical as it builds and encourages strong partners, parents and contributing members of the community.