Beyond financial literacy: WageWise findings highlight the real barriers to saving

In South Africa, a paradox lies at the heart of financial inclusion. According to a World Bank report, 85% of the adult population now has a bank account, a sign of significant progress. Yet, just 41% actively save within the formal system, highlighting that access is an empty victory without the follow-on habit of saving.

The ASISA Foundation is a non-profit organization, established in 2012 by ASISA. Its primary goal is to provide consumer financial education programs that positively and sustainably impact South African society. Since 2014, the ASISA Foundation has partnered with Genesis to refine its CFE programmes, including the flagship Saver Waya-Waya WageWise programme. Saver Waya Waya WageWise is a consumer education programme, targeted specifically at workers and is a tried and tested financial education programme designed to give workers tools to effectively manage their finances. 

Economic strain on workers’ finances means  they are not adequately prepared for paying for their children’s education, saving for retirement or coping with unforeseen emergencies. Financial stress also impacts health and productivity, which ultimately affects employers. Genesis’s role as a monitoring and evaluation (M&E) partner in conducting evaluations has been instrumental in shaping the Foundation’s implementation approach based on M&E recommendations.

How Genesis shaped the evidence base for WageWise

For WageWise, Genesis conducted research using the COM-B (Capability, Opportunity, Motivation–Behaviour) model, blending quantitative evaluation data with qualitative insights from participants, facilitators and experts. The aim was to unpack the real barriers and enablers of saving among low-income earners. Our evaluation found:

1. Knowledge alone isn’t enough: Participants leave WageWise workshops with more knowledge about budgeting and savings to know how to practice those healthy financial behaviours, but real-world pressures such as debt, low income and rising costs derail their efforts. 
2. Short-term savings also matter: While long-term goals like retirement remain out of reach for many, short-term savings ( such as emergencies) reflect resilience in constrained circumstances. Supporting these small steps builds a foundation for future financial stability.
3. Informal savings remain vital: Stokvels and informal savings groups persist not due to a lack of awareness about formal options, but because they offer trust, social accountability and cultural relevance. Recognising these mechanisms as part of a broader resilience strategy is crucial.

Moving the needle: From insight to impact

Our role as the M&E partner for the ASISA Foundation confirmed that through the WageWise programme, there have been shifts in mindsets, where participants have moved from avoidance to action, opening savings accounts or discussing debt at home. 

Despite this, sustaining behaviour change requires ongoing support. By identifying the existence of a critical knowledge-action gap our evaluation has shaped post-financial literacy training interventions that promote healthy and positive financial behaviours among WageWise workshop participants. 

The programme now places more focus on connecting participants with financial planners for personalised guidance and uses post-workshop SMS support. This is to nudge them toward practicing positive financial behaviours.