NedFinHealth Monitor: financial shame, improved short-term savings emerge as prominent findings
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GUEST - Dr. Frank Magwegwe, Executive for Financial Wellness and Advisory at Nedbank
The current situation of working South Africans is characterised by major financial pressures. But despite these considerable pressures, a strong sense of determination and optimism prevails.
Nedbank has released the second NedFinHealth Monitor Report, the bank’s annual research study that monitors and tracks financial health using 8 indicators grouped into 4 key categories (spend, save, borrow and plan). The use of earned wage access, buy-now-pay-later services, having outstanding credit card debt, and feeling embarrassed to ask for help or guidance were some of the key findings by the Monitor which are associated with lower financial health.
The current situation of working South Africans is characterised by major financial pressures. But despite these considerable pressures, a strong sense of determination and optimism prevails.
Nedbank has released the second NedFinHealth Monitor Report, the bank’s annual research study that monitors and tracks financial health using 8 indicators grouped into 4 key categories (spend, save, borrow and plan). The use of earned wage access, buy-now-pay-later services, having outstanding credit card debt, and feeling embarrassed to ask for help or guidance were some of the key findings by the Monitor which are associated with lower financial health.
