Individual Financial wellnessThe sad reality is that many employed South Africans struggle with their finances and the figures are startling:
Statistics show over 9 million (49% of credit active consumers) people in South Africa are living with unhealthy debt.
As a result, they’re unable to meet their monthly debt obligations and are falling into arrears which may lead to repossession of assets and judgements (Blacklisted).
The household debt to income ratio is around 74%, leaving only 26% room for other essential expenses. This means out of every R10, R7.40 goes to servicing credit! This leaves the household with only R2.60 for transport, food, school fees and other basic expenses – considering the forever escalating cost of living, this is not a good picture at all and most households find themselves trapped in this circle.
To assist individuals to escape the debt trap, Seed of Prosperity has designed various solutions which can be customised to an individual’s needs and preferences. . This includes our online financial wellness platform aimed at encouraging individuals to talk openly about finances and learn from each other. The platform also allows for:
- Private online financial mentorship;
- Access to a personal credit report;
- Access to budget and debt management tools; and
- Access to financial literacy content.