Right now, the average South African worker is under massive financial pressure. Rising food, healthcare, and general living costs, combined with crippling debts, mean that few have anything to put away at the end of the month.
That stress doesn’t disappear once someone steps over the threshold at the office either. It can have a profound impact on people’s ability to give their best at work.
As we’ve previously written, a good financial wellness programme can go a long way to alleviating some of those risks. Thing is, it’s not always easy to know where to turn when it comes to creating a financial wellness programme.
Fortunately, there are a number of players in the South African space who specialise in corporate financial wellness programmes.
Here are a few of them.
A part of the MMI group, Momentum has been helping employers provide benefits to their employees for around 12 years now.
As well as retirement funds, it can assist with investments and annuities and liability management.
Momentum also puts a lot of effort into ensuring that it gives the companies it works with solutions tailored to their staff.
Founded in 1957, Liberty is a Pan African financial services giant. It has branched out from providing retirement annuities, to building and running regional shopping centres, adding universal life products, and fully underwritten medical insurance along the way.
At present, it claims, some 10 000 employers make use of its employee benefits offerings. These benefits mostly relate to life, disability, and dread disease insurance. Business owners can purchase these benefits for their employees, either as part of a retirement fund or individually.
Owned by financial services group Peregrine, Citadel offers a number of services, including several in the employee benefits space.
Its approach is based on the idea that benefits should be as tangible as possible – accessible, secure, and focused on financial wellness.
- Scheme benefit design and implementation
- Selection and monitoring of appropriate retirement fund administrators
- Risk benefit solutions
- Investment consulting services
- Bespoke, targeted member education and member communication programmes
- Implementation of appropriate fund compliance and governance
- Integrated personal financial planning advice
Rather than providing benefit-based programmes, Interface aims to give corporate employees a sense of financial wellness through education.
For the past 13 years, it’s specialised in financial literacy training programs that are geared to empowering employees on how to manage their money more effectively.
The services it offers include financial health assessments, financial fun days and interventions, financial coaching, and financial training solutions.
Founded in 1918, Sanlam is one of South Africa’s most established insurance and financial services providers.
In the corporate space, it is a leading provider of group life and disability benefits, institutional investments, risk services, fund administration and derivative based structured solutions to institutions, and retirement solutions.
Financial consultancy Fussell & Associates has been around since 1968, providing services to both private individuals and companies.
When it comes to employee financial wellness, it offers retirement and risk benefits (such as death, disability, and funeral cover). Once a company’s decided what benefits it wants, Fussell & Associates will help it structure a strategy that suits both the business’ objectives and the needs of its employees.
When it comes to innovations, Hollard is best-known for borrowing from the cellphone industry and bringing the prepaid model to insurance. It also has a reputation for being a great company to work for.
When it comes to employee financial wellness, its offerings include GAP cover, personal accident cover, and a number of benefits around death and life insurance.
A growing space
It is, of course, important to note that the South African financial wellness space is growing all the time. The companies listed here do not, therefore, represent the totality of financial wellness programme providers.
If you think there are any other companies we should include, let us know in the comments section below, and we’ll consider adding them to the list.