annual general meeting and annual stakeholder event · quotes from facilitators stakeholder event...

ANNUAL GENERAL MEETINGAND

ANNUAL STAKEHOLDER EVENT

21 February 2019

AGENDA

Stakeholder Holder Event

Time Item Presenter

Annual General Meeting

10:00 - 10:10 Welcome and Chairman’s address Dep Chairman: Ingrid Goodspeed

10:10 - 10:25 CEO’s Report Ruth Benjamin-Swales

10:25 - 10:35 Financial Report Lee Coller

Programme Reports

10:35 - 10:40Saver Waya Waya - Implemention

ExperiencesCoco Cachalia

10:45 - 11:05 SWW : TVETs – Young Adults Ivor Msimang / Alyna Wyatt

11:05 - 11:20 Retirement Fund Trustee Education Ruth Benjamin-Swales

11:20 - 11:40 Coffee Break

11:40 - 12:10 Saver WayaWaya : WageWise Janete Nel /Alyna Wyatt/ Brett Nicholls

12:10 - 12:50 Save Waya Waya: FLAME Ruth/Alyna /Owen /Lesego Moruko

12:50 - 13:00 Closing Remarks – ASISA Foundation Dep. Chairman Ingrid Goodspeed

13:00 - 14:00 Lunch All

Chairman’s Address

Ms Ingrid Goodspeed

Stakeholder Event

CEO’s Report

Ruth Benjamin-Swales

Stakeholder Event

Stakeholder Event

CEO’s REPORT

➢ Profile

➢ Strategic Objectives 2018

➢ Vision 2020

➢ Acknowledgements

FOSTER THE FUTURE – RESPONSE TO ACHIEVEMENT OF NDP

Grow and Maintain

Savings Pool

(Inclusion, Maintenance)

Financial Literacy

and Trustee Training

Economic Growth

and Job Creation

(Infrastructure, SA Financial Centre, FSC)

ESD, Skills Development,

Transformation

1 2

FOSTER THE FUTURE

Stakeholder Event

6

Stakeholder Event

STRUCTURE

Vision

Stakeholder Event

VISION

To implement

• effective and meaningful

• consumer financial education initiatives that have a

• significant and sustainable impact

• on South African society

• through greater financial capability and

• economic participation by particularly the

• poor and needy

Vision

Stakeholder Event

MISSION

To foster the future of South African society and the

Savings and Investment industry through effective,

objective and targeted consumer financial education

to facilitate greater financial inclusion

10

Stakeholder Event

CFE PROGRAMMES

Vision

Stakeholder Event

STRATEGIC OBJECTIVES

• Thought Leader

• Influence CFE Narrative

• Collaborate for Reach, Scale and Impact

• Implement and evaluate strategic and

innovative programmes

Vision

Stakeholder Event

Collaborate for Reach - Scale - Impact

14

Vision

Stakeholder Event

COLLABORATIONS -2018

• Sun International

• Sanlam

• ABSA and TVET College campuses

• Batseta

• Todays Trustee

• SA and WC Housing Co-operative Associations

• Money Smart Week

Collaborate for Reach - Scale - Impact

Vision

Stakeholder Event

Strategic Collaborations

3

121

0 20 40 60 80 100 120 140

Number of

workshops

Number of

Participants

SWW Co-operative Statistics

Vision

Stakeholder Event

Strategic Collaborations

IMPLEMENTING PARTNERS

Stakeholder Event

Vision

Stakeholder Event

VISION 2020

STRATEGIC COLLABORATIONS- 2019/2020

➢ SAICA

➢ Ikusasa Student Financial Aid Programme (ISFAP)

➢ FLAME 2.0

➢ Banking Association of South Africa (BASA)

➢ Financial Sector Conduct Authority

➢ Build Up - Co-operatives

➢ Today’s Trustee

➢ ASISA Enterprise and Supplier Development

Financial Report

Stakeholder Event

Vision

Stakeholder Event

FUNDING

Financial & Compliance Overview

R 52 MILLIONEXPENSED SINCE INCEPTION

• All programmes qualify as consumer financial

education and socio-economic development

• The programmes reached disadvantaged

groups of which more than 85% were black

beneficiaries and 66% were black woman

• >25% of the Foundation’s Board of Trustees are black females

• Unqualified Annual Financial Statement Audit

report (28 February 2018)• >25% of the funds were

allocated to rural areas

Vision

Total Income vs Total Expenses last six years: as at 31 December 2018

Stakeholder Event

FUNDING

-

5 000 000

10 000 000

15 000 000

20 000 000

25 000 000

2014 2015 2016 2017 2018 2019

Total Income

Total Expenses

Vision

Stakeholder Event

FUNDING 2018/2019

- 5 000 000 10 000 000 15 000 000 20 000 000 25 000 000

WageWise

FLAME

TVET

RFTE

Other

Cumulative Project Expenditure from inception to 31 Dec 2018

WageWise FLAME TVET RFTE Other

PARTNERS - FUNDERS

Q&A

Stakeholder Event

THANK YOUAGM CLOSED

Stakeholder Event

Consumer Financial Education Programmes

Stakeholder Event

Saver Waya Waya -Implementation

Experiences

Stakeholder Event

TVETS & Worksites

Stakeholder Event

➢ Collaborating with all project partners: Working as a team with

the funders and Monitoring and Evaluation to decide on

parameters, objectives and finalising a theory of change

➢ Development of appropriate content for each target group

➢ Advocacy & Stakeholder Engagement in identified institutions,

worksites and worker organisations

➢ Training of Trainers

➢ Scheduling and logistics requires excellent project

management to ensure smooth rollout of the project.

Quotes from Facilitators

Stakeholder Event

“I learnt a lot of things in the programme that I have started applying in my personal life”

- Facilitator Dimpho Tshabalala – TVET Programme

“When my students started on the programme, they were shy and did not have a voice, at the end of the programme, they had a voice, were confident and

were performing at the awareness event and sharing what they learnt with other students.”

- Puleng Sirengqe – Facilitator TVET programme

Quotes from Facilitators

Stakeholder Event

“When you are training people about managing finances, you also have to manage your money

well and be a role model. I looked at the exercise on how much do I owe, and looked at my monthly expenses in paying debt, it was about 48% of my

monthly net income, I used the tracking how much you owe tool and started working at reducing what I owe. and now I have reduced my debt to 22% of

my net income.”

– Zain Khan- Facilitator WageWise Programme

ASISA FOUNDATION ANNUAL STAKEHOLDER EVENT

Young Adults

Young Adults

Stakeholder Event

Overview

The SWW-TVET 2018 delivered by the ASISA Foundation, funded and supported by the ABSA group

The SWW-TVET 2018 was implemented from April to October

2018.

Young Adults

Stakeholder Event

Total Reach = 1, 450

The programme was successful at meeting its target of 1000 students.

83%There was good retention of students across

the programme. 83% of students attended

three or more workshops

Reach & Target

172 143 148

391

133

987

34122 122

19

166

463

206265 270

410

299

1 450

0

200

400

600

800

1 000

1 200

1 400

1 600

Reach Per Campus

At least

three

workshops

Non-

Participatin

g awards

event

attendees

Young Adults

Stakeholder Event

Project Success

The two closed Facebook group had 705 active members in total as of 27/11/2018;

continuous engagement and posts on the group.

The students appreciate the content on financial literacy

Young Adults

Stakeholder Event

Needs vs wants 86,62%

77,78%

Cash vs credit 92,85%

97,09%

Simple interest17,16%

46,56%

Credit/loan agreement

74,87%

80,16%

Stokvels42,19%

57,28%

Saving for a car62,21%

73,02%

Compound interest13,48%

30,69%

Payslips51,89%

73,15%

Pre-test Post-test

All test results improved except for Needs vs Wants. The biggest positive change in overall results was for Simple

There has been an overall

improvement of knowledge

during the programme.

In particular there were

substantial improvements in

the percentage of correct

answers to the simple and

compound interest answers.

Saver Waya Waya TVET 2018: Knowledge transfer

Young Adults

Stakeholder Event

46%

63%

Baseline Endline TV

ET

stu

de

nts

ke

ep

ing

a b

ud

ge

t

More students in the sample now keep a budget after the programme This result is statistically significant

Saver Waya Waya TVET: Budgeting

*Endline three months post-implementation

21%

33%

46%

35%

31%

33%

Always

Usually

Sometimes

Out of the people who keep a budget, more people now always stay within budgetThis is a statistically significant result

Baseline Endline

Young Adults

Stakeholder Event

Saver Waya Waya TVET: Saving


26%

29%

45%

57%

0%

43%

I already save.

I don't have enough money to save.

I want to start saving, but I don't know where the best place

is to save my money.

The number students reporting that they are already saving more than doubled at endline.This result is statistically significant

Endline

Endline

Baseline

Young Adults

Stakeholder Event


%

%

Easy 34%

52%

Manageable 29%

35%

Somewhat difficult 25%

9%Very difficult 12%

5%

Baseline Endline

More students found it easier to open an investment account, while less found it difficult after the programmeThis result is statistically significant

Savings accountInvestment account


Easy 61%

80%

Manageable

27%

18%

Somewhat

difficult 10%

1%Very difficult 2%

Baseline Endline

More students found it easier to open a savings account, while less found it difficult after the programmeThis result is statistically significant

MaT

Young Adults

Stakeholder Event


12% 26%

30%32%

31%18%

26%24%A great deal

A fair amount

A little bit

Not at all

There was an increase in the percentage of students who were not worried at all about their debts, and a decrease in the percentage of students who were worried.This result is statistically significant

BaselineEndline

50%


Young Adults

Stakeholder Event

Saver Waya Waya TVET: Black tax


18%

28%

54%

14%

18%

68%

Very difficult - I am not comfortable discussing financial matters with my

Easy - My family are open and willing to talk about financial matters.

Somewhat difficult - There are certain financial matters that we do not discuss.

The number of students reporting that it is easy to speak to their families about

financial matters increased.This result is statistically significant Endline Baseline

Feelings regarding financial responsibilities Frequency

I feel better prepared to manage my financial responsibilities to my family. 79%

My feelings about my financial responsibilities to my family have not changed. 2%

I do not have financial responsibilities to my family. 19%

Young Adults

Stakeholder Event

Saver Waya Waya TVET: Soft skills


100% of respondents felt that, after the programme, their CV reflected their

experience and qualifications in a format that is attractive to future employers.

(This result is statistically significant)

85% of respondents believe that a CV should be 1-3 pages long. This is consistent

with what was taught in the programme, indicating that knowledge about how to draft a CV

has successfully been transferred to the students.

(This result is statistically significant)

68% of respondents believe that you should update your CV every time something

important happens in your career, while 31% believe that you should update it when

you apply for a new job. The key take-away from this is that, after the programme, almost

all of the students believe that they should keep their CVs current and update so that they

reflect their most recent achievements.

(This result is not statistically significant)

Outc

om

es

Imp

act

Activitie

s

Financial education

workshops are

delivered by trainers.

Trainers facilitate

WhatsApp groups with

students.

SWW TVET SMS

campaign is executed.

SWW TVET social

media campaign is

executed.

Experiential learning is

encouraged through

edutainment.

Outp

uts Financial education content from the workshops is reinforced via auxiliary delivery channels.

Students learn about financial concepts and good financial behaviour, as well as soft skills related to employability to assist them as they

enter the working world.

Students attend

financial education

workshops.

Students engage with

their trainers and fellow

students via WhatsApp.

Students receive

SMSes containing

financial education

messages.

Students engage with

their fellow students via

Facebook.

Students compile own

drama productions as

part of experiential

learning component.

Students are financially capable and prepared for the world of work.

Students’ welfare improves.

Students’ awareness of financial concepts, good financial behavior, and soft skills related to employability improves.

Students share their new knowledge with family and friends.Students’ attitudes towards their finances and job search change.

Students’ knowledge of financial concepts, good financial behavior, and soft skills related to employability improves.

Students adapt their financial and job search behaviour.

✓✓✓✓✓✓

To be assessed

12 months

post

implementatio

n (July – Sept

2019)

• Death Benefits

• Annual Financial Statements review

• Investment Policy Statement assessment

• Investment Management fees and costs

• Default regulations

One day workshops (6 hours)

Half day workshops (3

hours)

• Investment Fundamentals

• Trustee Governance & Ethics

• Employee Benefits

• Responsible Investing

• Investment Fundamentals (Masterclass) in

Active Ownership (for organised labour)

Our programme offering comprises:

Stakeholder Event

Retirement Fund Trustee interventions : 2018

Stakeholder Event

0

20

40

60

80

100

120

140

124

112

93

78

61

38 36

26 26

1612

9

RFTE delegate numbers by workshop type - 2018

Stakeholder Event

Source – FSCA data

1 778 370

840 473

Non-commercial funds

Commercial funds

R2,618,843 million* Excluding GEPF

Retirement fund industry * Fund assets 2018

- R million

Stakeholder Event


Academy

workshops

11%

Remainder

89%

ASISA 2018 penetration – non-commercial

funds: Fund assets

Stakeholder Event


10 705 620

5 606 373

Non-commercial funds

Commercial funds

Retirement fund industry Fund members 2018

Stakeholder Event


Academy

workshops

2%

Remainder

98%

ASISA 2018 penetration – non-commercial

funds: Fund members

Stakeholder Event

Self-Administered and Multi-Employer Funds

Stakeholder Event

RETIREMENT FUND INDUSTRY TREND …from 5,400 active

registered funds

Pension Provident RAF

Preservatio

n

Beneficiary

Retirement Fund Industry Trend

Stakeholder Event

…to 200 multi-employer funds…

Retirement Fund Industry Trend (Continued)

Stakeholder Event

Facilitating Stronger Governance

Stakeholder Event

Relevance of the content

1

0

158

205

Not at all

Somewhat, but notenough

A satifactory amount,met my expectations

Very much, more than Ihad expected

How much do you think that this workshop

has helped fulfil your role as a trustee?The programme content

is relevant to the needs of

participants and is flexible

to the composition of the

groups

Targeting full boards has

the added advantage of

addressing issues that

are relevant to the board.

0

0

146

226

Not very effective at all

Somewhat effective,…

Good, reasonably…

Fantastic, extremely…

How effective did you find the presenter to be

in conveying information to you?The presenters are

flexible at handling the

different skill levels of the

participants but this

continues to be a challenge

RFTE: 2018 Final Report Findings

Stakeholder Event

Knowledge transfer and

confidence level

Knowledge Pre Post

Annual Financial Statements Analysis 41% 54% 13%

Death Benefits 47% 58% 11%

Employment Benefits 43% 59% 16%

Investment Fundamentals 46% 71% 25%

Investment Fundamentals Masterclass 54% 78% 24%

Investment Management Fees and Costs 51% 82% 31%

Responsible Investing 66% 91% 25%

Tax Implications of Retirement Funds 37% 67% 30%

Trustee Governance and Ethics 39% 48% 9%

Confidence Pre Post

Annual Financial Statements Analysis 51% 64% 14%

Death Benefits 59% 76% 17%

Employment Benefits 53% 70% 17%

Investment Fundamentals 53% 73% 20%

Investment Fundamentals Masterclass 43% 50% 7%

Investment Management Fees and Costs 56% 76% 20%

Responsible Investing 42% 78% 36%

Tax Implications of Retirement Funds 75% 89% 14%

Trustee Governance and Ethics 68% 82% 13%

Change

Change

There have been

improvements in

knowledge across all of the

workshop topics

There have been

improvements in the

confidence levels of

participants across the

various the workshop topics

RFTE: 2018 Final Report Findings

Stakeholder Event

This workshop has been made possible by the responsible support

of :

THIS PROGRAMME HAS BEEN MADE POSSIBLE BY THE RESPONSIBLE SUPPORT OF:

Stakeholder Event

Today’s Trustee OnlineEducation Platform updatee-Learning and e-CPD offering

Consumer Financial Education

Stakeholder Event

Trustee education via Today’s TrusteeToday’s Trustee

Introduction to Today’s Trustee

• SA’s foremost trusted pension fund magazine

• Distributed free of charge to >12 000 subscribers each quarter

• Printed copies and electronic versions of the publication

available to trustees, principal officers & other stakeholders

Today’s Trustee partnership delivered the following in 2018:

• Financial Sector Code (FSC) concept educational supplement

presented at Batseta Winter Conference – June 2018

• Delivery of a new online Today’s Trustee subscriber and learner

database managing 12 000 trustee & stakeholder contacts

• Delivery of a new Moodle-based Online Education Platform

offering e-CPD and other Consumer Education info for retirement

fund trustees (Beta version)

• Initial Online Education Platform content developed –

Investment Fundamentals, Introduction to Active Ownership


Today’s Trustee partnership – Key 2019 deliverables

• Delivery of final live version of Moodle-based Online Education

Platform (once the new Today’s Trustee website goes live)

• Delivery of additional Online Education Platform content

• Delivery of four Today’s Trustee publications incorporating

consumer education content

• Partnerships with industry stakeholders for the development and

distribution of consumer financial education content – either for

distribution to the Today’s Trustee database or alternative

stakeholder specific distribution lists


ANNUAL GENERAL MEETINGAND

ANNUAL STAKEHOLDER EVENT

21 February 2019

;

WORKFORCE

STAKEHOLDER HOLDER

EVENT

Reach

Stakeholder Event

9,192 participants reached between Jan – Dec 2018

71%822 2,879 5,364 9,192 18,257

2015 2016 2017 Total2018

492 2,961 5,739

3 x 1-hour 3-hour 6-hour

Geographic

Stakeholder Event

Geographic Reach

For the first time, WageWise reached participants in all 9

provinces

49% are based in rural areas

14

1345 2151

1783

1702

333

462

677

725

Partnerships

Stakeholder Event

Sun International

SANBI

SanParks

DoE

NEHAWU

Department of Finance

Kgosi Mampuru Prison

SAPS

Transnet

Tshwane Municipality

Workshops

planned

169

55

52

20

5

Workshops

held

144

5…

48

2

5

Sanlam Sky

Grounded Media

Sun International (via ASISA)

NEHAWU (via Grounded Media)

SANBI (via ASISA)

In 2018, the programme secured

workshops through 5 channels, with Sanlam Sky accounting for the majority

of workshops held

Employers/Worksites

Workers

Stakeholder Event

Successes in 2018Establishing a strong partnership with Sun International

Establishing a national footprint

Increase in the SMS hit rate since the introduction of an incentive (83%

of SMSs are delivered and 61% of participants reported receiving it )

Solidifying a strong relationship among all implementing stakeholders

Successful implementation of the industrial theatre videos (since they

are in languages that are popular in the areas where the workshops

are held and also include subtitles to facilitate greater understanding)

Testimony

Stakeholder Event

Monitoring & Evaluation

Stakeholder Event

WageWise: Knowledge gain

13%

27%

21%

38%

19%

2015 2016 2017 2018 (6-hour) 2018 (3-hour)

Average knowledge gain per year has been positive


Stakeholder Event

WageWise: Knowledge gain

84%

38%31%

54%47% 47% 45%

39%

93%

63% 61%

70% 73%66% 67%

60%

Needs and

wants

Interest rates Debt

counselling

Payslips Benefit

statements

Savings Selection of

trustees

Role of

trustees

Pre (average) Post (average)

Knowledge gain was the highest for debt counselling between 2015 and 2018 (average over

the years)1


Stakeholder Event

WageWise: Behaviour changesI now only take R100 with me when I go out drinking.

When that’s gone, I either go home or my friends have

to buy me drinks

I have cancelled my DSTV subscription. Changing my spending habits

leaves me with extra money to saveAfter the workshop, I started to clear my debts. I

now only have one or two debts left to pay off

I learned to save and stay away from loan sharks

I opened up a savings account at FNB

The workshop encouraged me to save money for

my son’s school fees

l reduced buying tupperware and buying things from

catalogues l do not need

l am no longer spending too much money on

alcohol and smoking. This meant that I had money

to fix the ceiling at home


Stakeholder Event

WageWise: Impact: 3 vs 6-hour

While the three-hour workshops were successful at achieving some

knowledge transfer, participants reached through the six-hour

workshop performed better on average

7%16%

43%

28%

65% 68%

Which statement is TRUEregarding payslip deductions?

If you buy a cellphone and payfor it over 12 months at a 10%simple interest per month, howmuch will your total repayment

be?

You want to save R1000 amonth for 4 years to get enoughfor a second-hand car. From theoptions provided, where do you

think you should save yourmoney?

(six-hour workshops)

(three-hour workshops) The difference in results could be

because the trainers had more time

to teach the content in the 6-hour

workshop.


Stakeholder Event

WageWise: Behaviour changes

63%

67%

69%

2018

2017

2015

0% 10% 20% 30% 40% 50% 60% 70% 80%

2017 2018 (FPI data)

% of participants that signed up for

FPI session

39% 0.9%

% of participants that met with an FPI

planner

14% 0.4%

2018 (follow-up survey data)

1.5%

1.3%

Coping with Dynamic Change: Aspects of Building Individual and Organisational Resilience to Achieve Impact

• Facilitate ssustained behaviour change resulting in financial inclusion through economic participation and overall improved well-being

• Through effective & relevant financial education

• Give community members a sense of hope and confidence to overcome “learned helplessness” by incorporating “soft skills “

• Use a micro enterprise development programme as a provide the skills and tools to enable income generation

• Embed financial literacy and behaviour change through extended multiple interventions

ABOUT THE ASISA FOUNDATION FLAME Objectives

Stakeholder Event

ABOUT THE ASISA FOUNDATION FLAME - Overview

• Expand financial literacy programme to provide higher impact for community members throughout the micro enterprise programme

• Provide business and entrepreneurial skills training to the target market

• Provide individualized business support at assisting participants to start/ grow and run their micro enterprises

Programme objectives

±270 Participants

5 weeks 10 weeks 9 months8 weeks

Micro Enterprise Bootcamp

MicroEnterprise

Face to FaceIncubation

Planning &

Feasibility

30 Incubatees

Advocacy &

Scoping

4 Areas

Participants

Hammanskraal

Soshanguve

Garankuwa

Rustenburg

Financial Literacy

Close out &

Reporting

3 Areas

77

MicroEnterprise

VirtualIncubation

6 months

±500 Community member

Participants

3 months

Stakeholder Event

Micro-Enterprise Overview

GRADUATING PARTICIPANTSNEW ENTERPRISES

SELECTED ENTERPRISESPITCHING ENTERPRISES

93% COMPLETION RATE

180

200

220

240

260

280

Recruited Targetgraduation

Actualgraduation

7 new Start Ups

operationalized

during bootcamp

and 10 Started in the

Overall Programme

99 Participants pitched their businesses for selection

30

30

39

Rustenb

urg

Hamman

skraal

Soshang

uveSoshanguwe

Hammanskraal

Rustenburg

80% Female representation

in the selected 30 Enterprises

30%

40%

30%Start-up

Established

Early-stage

The Micro-Enterprise Bootcamp and the transition into the Micro-Enterprise

Incubation phases had a number of highlights and key success

INCUBATEES

Stakeholder Event

Virtual Incubation Overview

At the end of the 9-Months incubation period, the extended incubation

programme was launched to imbed sustainability and test virtual approaches.

➢ Retention rate: 29 out of 30 (97% ) micro-businesses completed 9 months of

face-to-face incubation and 20 (68%) of these participated in the virtual

incubation.

➢ Key Performance Indicators achieved - Business and Impact

➢ Business

• Increased Sales

• Increased Profits

• Increased Markets

• Access to Finance

• Financial recordkeeping

• Product costing

➢ Impact

• Jobs supported – created and sustained

• New / enhanced business premises

• Personal growth and assets

• Community impact

• Financial inclusion

➢ Programme generated hope, confidence and resilience

ABOUT THE ASISA FOUNDATION Incubation Highlights

Stakeholder Event

Virtual Approach Limitations

Key limitations presented by the virtual extended programme can be grouped

into the following three distinct but related categories i.e. structural limitations,

environmental limitations and demand side limitations.

STRUCTURAL LIMITATIONS ENVIRONMENTAL LIMITATIONS DEMAND-SIDE LIMITATIONS

LIMITATIONS AS A RESULT OF

PROGRAMME OR ADMIN DESIGN

LIMITATIONS AS A RESULT

OF TELECOMMUNICATIONSLIMITATIONS AS A RESULT OF

BENEFICIARY CONTEXT,

BEHAVIOUR, ETC

1 2 3

• Resource change in terms of

change from face-to-face to

virtual;

• Numerous attempts or multiple

(repeat) calls before getting a

response of the participants;

• Elongated intervention time;

One Size fits all approach.

• Mobile Phone Access;

• Low connectivity;

• Limited network coverage;

Affordability.

• Programme fatigue;

• Busyness;

• Limited tech literacy;

• Familiarity; and

• Reporting biases.

BUSINESS PERFORMANCE

The combined sales and profit recorded for the entire FLAME Programme amounts

to R4.036 million and R1.118 million respectively for all businesses.

63%

37%

58%

42%

Face to face Virtual Extended

Total FLAME sales

(Face to face + Virtual Extended)

Total FLAME profits

(Face to face + Virtual Extended)Recorded over 9 months

Recorded over 5 months (extended)

R4.036 million

R1.118 million

BUSINESS PERFORMANCE

42 new job opportunities were created in the 9-month face-t-face incubation

phase and 18 new job opportunities were created in the extended programme,

bringing the total number of new jobs created in the programme to 60.

41

41

10

12

16 4

42

18

60

Baseline New Start-upsEntrepreneurs

New Start-upsEntrants

Early-stageEntrants

EstablishedEntrants

Face-to-FaceTotal

VirtualExtensionEntrants

ProgrammeTotal

Early-Stage EstablishedStart-ups

Total Start-ups

FLAME Outcomes and Next Steps

Stakeholder Event

FLAME Next Steps

Stakeholder Event

➢ Thought Leadership – Lessons Learned Report

➢ SAICA Collaboration – Financial Management for SMMEs

➢ Re-design and Development of FLAME 2.0

➢ Collaborations: Driven, SAICA, Kamva Capital, Institute 4 Success

➢ Alignment to SAQA accredited NVC programme

➢ Best Practices: OECD/INFE Competencies Framework

➢ Geographic Spread

➢ Link to Existing SMME Development Ecosystems

➢ Secure additional sources of funding

8%

11%

16%

8%

10%

15%14%

8%

6%5%

65% of beneficiaries are over the age of 35

<2

5

26

-3

0

31

-3

5

36

-4

0

41

-45

46

-5

0

51

-5

0

56 -

60

61 -

65

> 6

6

n = 102

Average age 43 years

old

Male 20% Female 80%1

Chart Title

The majority of beneficaries identify as female

♀♂

Age Distribution of Beneficiaries

These findings are based on an impact study of a statistically representative sample of FLAME beneficiaries

Gender Distribution of Beneficiaries

• FLAME was successful at targeting individuals that are aligned to the Financial Sector Codes (FSC) and the ASISA Foundation’s objectives.From the sample, 99.02% were black South African, 0.98% were coloured South African, and 79.41% were female.

• These results exceed the FSC’s target of 85% South African black and 40% black female South Africans.

• Building on the findings from the Saver Waya Waya Hammanskraal pilot, that people in mature life stages were less optimistic about their financial futures, FLAME was successful at

reaching adults in mature life stages.

FLAME: Demographics

Beneficiaries’ Adherence to Budget (N=103)

• FLAME was successful at communicating the importance

of budgeting.

• Between the baseline and the endline survey, 16% more

beneficiaries were adhering to budgets.

• There was a marginal increase of 6% in the number of

households that reported keeping a budget.

Always 66% 49% 33% 78% 25% 64%

Sometimes 20% 23% 33% 8% 50% 14%

Usually 14% 29% 30% 14% 25% 21%

Don't know 0% 3% 0% 0%

Financial literacy Boot camp Incubation

Percentage of households who

keep a budget (N=102)


FLAME: Budgeting

• The inclusion of an income generation

component marginally increased the levels

of optimism towards savings. Broken down

by beneficiary group, the findings on the level

of optimism about saving were mixed.

• Beneficiaries had positive feelings about

opening a savings and an investment

account – which beneficiaries largely reported

to find ‘easy’ or ‘manageable’.

• There was a 23% increase in the uptake of

short-term savings and a 10% increase in

beneficiaries’ families who now save in a Stokvel.


Savings Debt and Borrowing

• There was an 18% increase in the number of

beneficiaries who prefer not to use credit.

Preference for credit across all three

beneficiary groups has decreased.

• In terms of the total sample’s borrowing habits, there was a 6% drop in the number

of people who have borrowed money from

an institution.

• 22% less beneficiaries are using a store

account to buy retail goods such as food and

clothing.

FLAME: Savings, Debt & Borrowing

• At the end-line over two-thirds of the beneficiaries were small business owners. The programme was therefore

successful at targeting entrepreneurs.

• Beneficiaries that reported to be employed decreased by 2% between baseline and endline.

• The biggest change in income was seen in the group of beneficiaries that reported earning nothing.

• Beneficiaries who exited after the micro enterprise bootcamp phase and the incubation phase of FLAME

earned more profit in their businesses than those who exited after the financial literacy component.


Baseline Endline Change Baseline Endline Change Baseline Endline Change

Don’t know 9% 8% 3% -5% 7%

Refused to answer 21% 21% 9% 7%

R0 13% 5% -8% 11% 10% -1% 13%

R1- R400 4% 4%

R401- R800 4% 4% 15% 3% -12%

R801 - R1 600 22% 3% -19% 20% 6% -14%

R1 601 - R3 200 9% 17% 8% 15% 16% 1% 27% 13% -14%

R3 201 - R6 400 26% 33% 7% 16% 16% 7% 44% 37%

R6 401 - R12 800 17% 16% -1% 11% 25% 14% 13% 13% 0%

R12 801 - R25 600 13% 4% 10% 6% 13% 13%

R25 601 - R51 200 9% 4% -5% 11% 6% -5% 13% 13%

R52 201 - R102 400 7%

R102 401 - R204 800

Financial Literacy Bootcamp Incubation

Changes to Profit

FLAME: Income Generation

• Beneficiaries’ financial satisfaction improved from 4.92 to 5.14 (out of 10). This is a

positive, but small change. Beneficiaries are adopting positive financial behaviours such

as tracking income and expenditure, adjusting their expenses and planning for their future

financial needs.


• FLAME produced

significant results when

it came to increasing

the beneficiaries’ confidence levels

around doing tasks well

and by themselves.

However, for other soft

skills the changes were

marginal.

Disagreeing with someone Baseline Endline Change

Get angry and shout at them 4% 5%

Calmly talk to them, and explain why their actions have upset

me 92% 92%

Say nothing, and stop talking to them 4% 1%

Don’t know 2%

When I am given a task to do feel that

I can do the task well by myself 47% 73%

I can do the task, but I need to ask for help 49% 27%

I can do the task, but I'm too scared to ask for the help I need 3%

I feel that other people can do the task batter than I can 1

In general I love myself in the same way that I love my

family and friends

Strongly Agree 80% 85%

Agree 18% 12%

Disagree 2% 3%

Strongly disagree

Financial Status

Life Skills

FLAME: Financial Status and Life Skills

FLAME sought to address the findings of the 2014 Hammanskraal pilot, which showed that mature adults were not optimistic about their financial future because of a lack of income. To overcome this attitudinal barrier the programme added an income generation component to the financial literacy lessons, thus aiming to enhance financial optimism and making financial

education more relevant to the audience.

• In terms of its target audience, FLAME was successful at targeting the right beneficiaries not only for the programme but for the FSC requirements as well.

• Central to FLAME was income generation. The programme was successful at generating income for beneficiaries. From a profit perspective, beneficiaries who exited after the micro enterprise bootcamp phase and the incubation phase of FLAME earned more profit in their businesses than those who exited after the financial literacy component.

• Increased exposure to the content did result in favourable results in terms of financial behaviour change. Beneficiaries reported that they budgeted more, saved using formal financial products and shifted away from the use of credit. These are all positive financial behaviours that have been sustained over the duration of the programme.

• FLAME included a soft skills component to improve life satisfaction and well-being of beneficiaries. This objective was partially met.

FLAME: Conclusions

Incubatee: Lesego Moruka

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