The series addresses the issue of poor personal financial management and the associated debt as one of its key themes through the storyline of single mother Grace and her teenage daughter Nkosazana. Grace and Nkosazana have returned to Soul City to live in Grace's late grandmother's house because they are on the run from creditors.
Grace likes to spend her money on things she cannot afford and this, coupled with her lack of knowledge around responsible financial management, has resulted to her getting deeper and deeper into debt. Grace's story is one that rings truth to many South Africans and communities.
The Credit Bureau Monitor compiled by the National Credit Regulator (NCR) shows that of 18.84 million credit active consumers, 53.3% are in good standing and 46.7% have impaired records. The research suggests that there are 2.6 million judgements or listings on credit bureaus and around 6000 cars and 2000 houses are repossessed monthly.
The programme provides references to resources that can provide assistance to those who find themselves in similar dire financial situations, such as Old Mutual's free 'On the Money' programme and a number of money management hints and tips for readers.
Thembisa Mapukata, segment marketing manager at Old Mutual, comments, "As a key player in the economic transformation of South Africa, the company is committed to investing in the financial future of its people to ensure a financially literate society."
Another body that has been established to provide solutions to over-indebtedness is the National Debt Mediation Association (NDMA), which offers a free and confidential service offering advice and resources to consumers who are worried about their debt.
NDMA CEO Maguata Mphahlele concludes, "The partnership with Soul City will undoubtedly go a long way in entrenching a strong message in the minds of consumers regarding the dangers of over-indebtedness, as well as relief in the form of mediation, offered by the NDMA to assist in alleviating the burden of debt. It is imperative that organisations play concerted roles in disseminating financial literacy messages through the use of trustworthy mediums such as this initiative."
