Top finance CEO exposes how financial services industry sells you fairy tales

Magda Wierzycka CEO of the Sygnia Group chats to CapeTalk's Kieno Kammies about her life, her journey in a male-dominated world of finance.

She arrived in South Africa as a refugee at the age of 13.

I spent about a year in a refugee camp - very much like the pictures you seeing from Syrian refugees. We were refugees from Poland, from communism then and arrived in South Africa not speaking the language nd with no money whatsoever.

Magda Wierzycka CEO of the Sygnia Group

Her parents were determined to rebuild their life.

South Africa has been very good to me and I am a proud South African rather than being a very proud Polish person which I'm not.

Magda Wierzycka CEO of the Sygnia Group

She says she has always had a huge desire to give back - and through Sygnia lowering costs and shaking up the industry she feels she has started to do that.

But growing up in Poland gave me one thing - and that is a very, very strong background in maths and science. Eastern Europe has been very strong always at those two education streams rather than anything else.

Magda Wierzycka CEO of the Sygnia Group

Though she could not speak the language, she was able to communicate through maths and science and was fortunate to get bursaries to study actuarial science.

But she very quickly moved into the field of investments and learned to track money in a cheap and effective way.

Magda Wierzycka gives her views on how to improve financial literacy in South Africa.

She says the levels are very low in the country.

The financial services industry in South Africa spends enormous amounts of money making sure (financial) literacy is kept at a very low level.

Magda Wierzycka CEO of the Sygnia Group

So the amount of jargon that is used, the amount of emotive advertising to make you believe fairy tales is enormous.

Magda Wierzycka CEO of the Sygnia Group

Sygnia prides itself in providing affordable and realistic asset management, stockbroking and administration services, as well as a wide range of savings products, to institutional and retail clients.

Take a listen to Magda's journey through the world of finance, how she reached the top of her game and how the financial services industry rips people off:


This article first appeared on CapeTalk : Top finance CEO exposes how financial services industry sells you fairy tales


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Are you over 50? Here's how you can share your skills

Are you over 50? Here's how you can share your skills

50 Plus-Skills is an online platform that connects individuals, aged fifty plus with those in need of their skills and expertise.

Post Office strike will not affect grant payments says CEO

Post Office strike will not affect grant payments says CEO

The unions have revised their demand from 12% to 10% in salary increase while the Post Office saying it can only afford 6%.

Mayor Mashaba wants government to intervene in hiring of illegal immigrants

Mayor Mashaba wants government to intervene in hiring of illegal immigrants

The Joburg mayor says factories in Gauteng are hiring immigrants without papers, neglecting unemployed South Africans.

Nhlanhla Nene asks trade unions for ideas on how to fund wage increase demands

Nhlanhla Nene asks trade unions for ideas on how to fund wage increase demands

Nene asked unions representing Eskom workers to provide ideas to fund wage increases after negotiations with Eskom deadlocked.

Grand West launches water purification plant to be completely off the grid

Grand West launches water purification plant to be completely off the grid

GrandWest GM Mervyn Naidoo says they had to come up with long term plans to handle the water crisis in Cape Town.

How Steinhoff shares doubled in just five days

How Steinhoff shares doubled in just five days

Founder of Herenya Capital Advisors, Petri Redelinghuys, explains how the embattled Steinhoff managed to double its share price in 5 days

Popular articles
Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

How to make money through ‘buy-to-let’ (using very little of your own money)

How to make money through ‘buy-to-let’ (using very little of your own money)

Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".

Retirement: 8 biggest mistakes people typically make…

Retirement: 8 biggest mistakes people typically make…

The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.

'More black farm workers are killed than white farm workers'  - Johan Burger

'More black farm workers are killed than white farm workers'  - Johan Burger

Following a spate of farm murders in the Cape, the policing expert says there aren't enough stats available on farm killings.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Elon Musk, as you’d expect, hails from an exceptional family. Bruce Whitfield interviews his Capetonian father.