Arrie Rautenbach, Absa's head of retail markets, highlights the importance of financial literacy in today's tough economic environment. "According to a student's study, conducted through the Gordon Institute of Business, on the relationship between financial literacy and economic measures, individuals who have received financial education have a higher savings rate and are better equipped to make informed financial decisions.
"We must remember that employees dealing with personal financial stress cause a pattern of problems in the workplace including decreased ability to concentrate, increased absenteeism and the risk of fraud and/or theft that can negatively affect individuals and employers on various levels."
