Briefing Document: XXX

Nedbank brings you Consumer Financial Education

DATE & TIME Date: May 2020

Time: 16:15- 16:30 pm

FORMAT Via Call in onto Radio

CONTEXT
The South African banking sector is aiming to make basic banking services accessible to
everyone. Despite this, there are still many people who are unbanked. We are offering
this financial literacy & education platform to develop people’s financial literacy skills
and by encouraging them to change their money habits, improve their financial well-
being. So today we take a deeper look at Maintaining Financial Health.

• Please introduce yourself to us. (Name & Surname, Occupation/Job Description).

• Please give us a brief overview of your business institution?

Nedbank is one of the leading financial institution in SA, we are the money
experts who do good and help people to see money differently, as a Green bank,
we care about communities

POSSIBLE QUESTIONS Our Topic today is Maintaining Financial Health.

We want to look at Maintaining financial health and how during this very challenging time
of COVID19 we can focus on how to better manage money, to stick to your plan and
stretch the money you have especially during this time.

Q1: Please define Financial Health, and why it is important to maintain it?

Financial health exists when the amount of money coming in is greater than the amount
of money going out, after all the necessary financial expenses has been paid. It is
important because it means that your financial position is sound in that enough resources
are available for meeting your financial obligations and realising your financial goals.

Q2: Please explain the foundations of financial health.

Foundation of financial health include

1
 a) The amount of money you spend every month on regularly and other expenses
b) The amount of savings you have and
c) How much you have for your Retirement
d) But it also includes your physical, mental and social wellbeing as finances has
a direct impact on your overall health and happiness

Q3: What are the factors of financial health.

These factors include:

a) Personal characteristics – factors such as age or marital status
b) Financial literacy levels – how well do you understand your financial concepts e.g.
credit, interest and affordability
c) Financial behaviour – including financial planning, saving & spending patterns
d) Stressors - such as losing your job or being bankrupt
e) Financial situation – where you are in terms of income, benefits and home ownership

Q4: What are the benefits of financial health?

- Achieve your financial goals

- Prepare well for retirement
- Access to credit when you need it

Q5: What are the consequences of not being financial healthy?

- Negative economic and social consequences

- Stress, which can lead to health and physical challenges
- Lack of further access to credit when needed

Q6: What are the Credit health tips to help you to be financially healthy?

There are Ten habits that you need to develop:

1. Save, save, save
2. Curb your impulse/unplanned spending
3. Cut unnecessary spending
4. Have adequate insurance for yourself, family and property
5. Avoid taking new or more debt than you can afford
6. Pay off more than the minimum instalment whenever possible
7. Develop strategies to achieve goals
8. Have an emergency fund available every month
9. Get educated on credit and financial concepts
10. Believe you deserve it and make sure to pay yourself(save) first.

Q7: What are the steps you need to take to achieve financial wellness?

1. Measure and know your current financial position

2. Take steps to maintain or improve your current situation
3. Set personal or financial goals for yourself and family
4. Understand where your money comes from and where it is going
5. This will involve how you think about and handle money

Q8: How to you gain knowledge and skills needed to assist you on your journey towards
your financial wellness?

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 1. You need to draw a budget or financial plan
2. Keep a journal or diary where you track or write down all your expenses

Q9: Should anyone have any general enquiries about maintain financial health or
Consumer financial literacy and education programme which Nedbank rolls-out, please
provide us with the contact person and details.

- You can get hold of me on: provide your work number and email address

Q10: Do you have any other information to share with us?

- Financial health is just as important as physical health. People eat healthy and exercise
to avoid ending up in ICU. Equally you need to manage your finances well by leaving
within your means and paying creditors to avoid being black listed.

For more information on Consumer Financial Education and Nedbank’s contribution

during this time of COVID-19 please visit: together.nedbank.co.za/ or nedbank.co.za

ABOUT CFE Consumer Financial Education is all about focusing on the ability to transfer knowledge
and Skills to consumers and potential consumers for individual well-being and the
public good. The programme is aimed at empowering consumers with knowledge to
enable them to make better and more informed decisions about their finances,
lifestyles and small business ventures. Through our programme we want to influence
and drive a changed behaviour towards money and help individuals