By Hajira Khota

Floatpays, a South African Fintech, has developed a new savings product to help employees escape the financial blues known as ‘Januworry.’

It’s that time of year when South Africans start to feel the pinch following their holiday spending binge. Employees’ financial stress has a knock-on effect on employers, resulting in absenteeism, productivity losses, and poorer performance levels, all of which have a direct influence on profitability.

According to Simon Ward, Founder of Floatpays, a renowned on-demand payment company. To address this, the company has introduced a savings solution to complement its on-demand access to pay service, which is intended to assist employees in achieving financial wellness.

Head of Marketing at FloatPays, Triya Govender spoke to Radio Islam International; says that that employees can contribute directly from their paychecks each month” The Floatpays savings account is funded directly from a person’s wages through their employer’s payroll system. The employee chooses how much they wish to contribute each month, and on a date determined by their company, they can make a single withdrawal from this account.

“Employees are encouraged to be more frugal with their spending and more invested in accumulating their savings in preparation for the end of the year”.

The South African workforce was definitely under extreme stress, which was exacerbated by the effects of the pandemics.

Sylvia Walker, a financial consultant and author, advised South Africans to be especially cautious with their money this festive season to avoid starting the year with a negative balance.

“It is critical to create a spending plan to manage your money for the holiday season, based on your existing income and costs, at this time. Keep in mind that one’s income should cover you until the end of January 2020”.

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