Building a financially literate workforce

Financial literacy, says Ellen Gower-Mzolo, Chief Financial Officer of Fulcrum Group, is not merely about balance sheets or knowing your tax rate; it’s about empowerment.

It’s about understanding the numbers that shape our personal lives and professional decisions, and using that understanding to create growth, stability and purpose. “Financial literacy,” she explains, “is not just something that’s taught. It’s an assumption of accountability, a self-driven education around the numbers in your life.”

The case for everyday literacy

For Ellen, financial literacy begins with some core fundamentals: knowing how to read an IRP5, understanding retirement contributions, distinguishing assets from expenses. These concepts, she argues, should form part of the South African education system that is accessible to everyone.

“If we taught our children what taxes mean or how to complete their IRP5s from an early age, we’d be equipping them for real-world decision-making,” she says. “It’s never too early, or too late, to learn.”

In her view, literacy is as much about curiosity as it is about numbers. People should be willing to ask the hard questions about their finances

Bridging the literacy gap in the workplace – Within organisations, Ellen sees another challenge: leaders often assume their teams are comfortable with the various financial implications in their lives, medical aid choices, retirement funding contributions and taxation when, in reality, there may be staff who do need additional guidance and resources and as leaders in organisations we need to empower them with knowledge.

“People might be keeping their heads above water,” she notes, “but we need to mentor and challenge them where possible, could they look at things differently? Could they be managing their finances, , more efficiently and more analytically?”

Encouraging staff to think analytically about numbers, trends and outcomes doesn’t just improve their personal well-being, it strengthens the business. “When people start asking how their work contributes to the business model, or what a rise in volumes means for the income statement, they begin to engage more meaningfully,” she says. “That’s where the cross-synergies between finance/budgeting, operations and sales start to thrive.”

For Ellen, this intersection between personal understanding and professional application is where true growth occurs. Financial literacy cultivates analytical thinking, planning, foresight and the confidence to question, qualities every business needs in a rapidly changing economy.

Simplifying complexity – As CFO of Fulcrum, Ellen’s mission extends beyond financial management. She sees Fulcrum’s own solutions, premium collections and premium finance, as practical demonstrations of financial literacy in action.

“Fulcrum exists to add value to the insurance cycle,” she says. “By managing collections related administrative and regulatory processes on behalf of our clients as well as providing cash-positive solutions to their annual insurance premium requirements , we help them focus on their core business, while we handle the financial discipline behind the scenes.”

Fulcrum’s investment in collection’s capabilities, including systems and specialised staff means clients avoid the heavy cost of developing in-house capability, freeing them to redirect resources strategically. Fulcrum helps clients manage cash flow more efficiently and make informed financial choices through their Premium finance solution, as clients enjoy the full benefit of annual cover upfront while spreading payment over several months, a direct, tangible improvement to liquidity.

A culture of learning and collaboration – Beyond its products, Fulcrum supports a culture of industry education and mentorship. Ellen points to the value of initiatives by the IIG, IISA and GWII, which mentor young professionals and amongst many crucial life skills, foster financial awareness across the insurance value chain. “Mentorship and coaching embed literacy into our industry,” she says. “They give young people tools and perspective, and, importantly, confidence.”

This culture of learning extends into Fulcrum’s approach to innovation. As the industry grapples with AI, data analytics and automation, Ellen believes technology can enhance literacy by freeing people to focus on interpretation, strategy and planning. “We’re passionate about being in the conversations, about AI, regulation, industry change, so we can help shape how businesses respond,” she says.

For her, financial literacy is not confined to balance sheets or budgets. It’s the common language of accountability that connects people, strategy and purpose. And in that sense, she concludes, it’s not just good for individuals, it’s vital for the industry’s future.