Learning to live well, financially

After revealing survey results, Term Finance has started offering financial wellness training to employees across TT.

Term Finance research reveals that eight in 10 employees live pay cheque to pay cheque without any regular savings goal, seven in 10 employees cannot cover an emergency expense without needing to borrow and six in 10 employees have been taken advantage of at least once in their lifetime by a credit provider.

Term Finance (www.termfinance.com) started offering its responsible credit services to employees in TT in 2015, and over the last three years has expanded into Barbados, Guyana, Jamaica, and most recently, St Lucia. The business is the first of its kind in the Caribbean to deliver credit through solely digital channels.

According to Term Finance’s business development manager, Georgina Zakour, “Term Finance’s purpose and mission is evolving; from responsible lending to being a house-hold brand synonymous with financial health and empowering employees to have control over their finances.”

Term Finance believes that simple financial literacy and awareness can have such a positive impact on employees, and by extension entire families. Too many lending institutions are providing irresponsible credit to low and middle income employees, without much care about the negative consequences that are faced by borrowers and their families.

Term Finance’s first seminar on financial wellness aims to introduce employees to the concept and provide quick tips to get them on track. According to Term Finance CEO, Oliver Sabga, “at this stage, we simply want to open employees’ eyes to financial wellness and strike their interest. Our medium term goal is to delve deeper into financial literacy and money management and our slightly longer term goal is to deliver tools though a smart-phone app which will enable employees to track their spend, keep up with market deals and hopefully guide savings.”

Term Finance is bringing financial wellness to the market at absolutely no cost to employees nor their employers. This development in our business is non-income generating…it is our way of giving back to our customers and their families.

Term Finance’s financial wellness introduction seminar has been delivered to employees of Hadco and Massy Distributions.