Teachers Struggle Under Heavy Debt
Chakalisa Dube | Tuesday November 9, 2021 06:00
Oitsile was speaking at the launch of the union’s financial wellness clinic here on Friday.
Through the financial wellness clinic, the union intends to empower its members with the tools and resources needed for them to make healthy financial decisions.
BTU has partnered with Letshego – a local financial lending institution – and Ignytwealth Financial Services – a financial management company – to run the financial clinic for its members.
Oitsile said the union came up with the idea to establish a financial clinic after realising that most of its members lack financial literacy, which explains why they cannot maintain their debts or meet their financial obligations.
“We have been observing the financial status of our members over the years. We at times find ourselves in a precarious situation where a member is in dire need of financial assistance,” he said.
“Some of our members are facing civil imprisonment emanating from unsettled debts, a situation which could lead to amongst others loss of employment, disputes in the family, which could lead to divorce and destitution amongst others.”
The president also stated that the recently launched financial wellness clinic is important and appropriate to look at the current (weakening) economic status of public servants.
“Lack of financial literacy skills can lead to poor spending choices, increased debt, and a generational wealth gap. Learning to be financially literate has immediate results and long-term return on investments,” he said.
When delivering a keynote address at the event, Directorate of Public Service Management (DPSM) legal advisor, Tefo Bogosi also raised a concern about civil servants who are struggling to maintain their debts or effectively deal with their key financial commitments. He added that some civil servants have in the past been imprisoned as a result of not effectively maintaining their debts. Bogosi went on to say that the history of the civil service is littered with tales of some civil servants who retire paupers because of their poor financial decisions.
The DPSM legal advisor stated that the financial literacy programme is vital because it will help counter instances where teachers are unable to focus on their jobs because of high-stress levels emanating from not servicing their debts.
“Through this initiative, it is possible to change the mindset of BTU members when it comes to money and financial stewardship. Through this mindset shift, it is possible to give members the confidence to attain financial stability and ultimately financial prosperity. I encourage BTU members to utilise the initiate,” added Bogosi.