"Financial empowerment through education and support"
Old Mutual’s ongoing research into the financial circumstances and habits of South Africans consistently shows that much of the country’s population has very bad levels of personal savings and investments. The research also shows that this is mainly due to low financial literacy levels, over-indebtedness, and a lack of understanding of how to effectively manage their money matters.
The results of the annual Old Mutual Retirement Monitor Survey repeatedly confirm this concerning trend, and reveals that, even in terms of their retirement planning, many South Africans are financially unprepared and will face difficulties when they stop working.
There is widespread agreement in both government and private sectors that it is absolutely essential for South Africa to develop a savings culture and for its people to be given the opportunity to educate themselves on how best to manage their financial affairs.
As a key role-player in the economic transformation of South Africa, Old Mutual is committed to partnering with its clients, other businesses and governments to help South Africans become a financially literate community of savers. The Old Mutual Financial Wellbeing Programme (FWP) is core to this commitment and to helping South Africans transform their financial futures.
The Need
The only constant in life is change. This simple fact makes it extremely important for employees and fund members to be able to make informed decisions regarding their finances and futures as they move through life, or are faced with changing circumstances.
The Challenge
As an employer or a board of trustees that cares for your employees or fund members and wants the best for them, you want to make sure they have access to the financial information and knowledge they require to put the right plans in place to meet their financial, retirement or career needs at every stage of their lives. But how do you achieve this in a way that doesn’t place undue pressure on your human resources, or business finances?
The Solution
FWP offers employers and trustees an easy and cost-effective way (i.e. most of the FWP services are offered for free) of making financial education, and advice available to their employees or fund members. Using a combination of financial health assessments, educational workshops, holistic support and accredited financial advice, FWP can be customised to provide employees or fund members with the information they need to be able to make informed decisions and choices regarding their financial futures.