Financial Education

Research has shown that poor financial planning habits are at the root of poor money management. Many people know what to do, they have basic knowledge and motivation; but they end up not doing it.

Old Mutual's investment in financial education is part of Old Mutual's social responsibility to educate the wider South African population on responsible financial behaviour, providing South Africans with knowledge and tools around money management. The aim is to help the nation break the cycle of generational poverty, get out of the debt trap and show people how to use the limited financial resources they have to realise their goals and dreams.

Financial Education Tools

The On The Money Programme is a financial education initiative created to teach South Africans how to best manage their finances.

It is based on the behaviours of South Africa’s Big Five animals and it is used to teach us on how to manage our personal and family finances. Read more...

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.

FWP offers employers and trustees an easy and cost-effective way 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. Read more...

Moneyversity is an online financial educational tool that helps you make the most of your money. Interesting and practical videos, calculators, infographics and articles are just a click away. Read more...

Financial planning and advice from brokers and financial advisers is essential if you are to achieve your financial goals. Learn about the different types of advisers and how to go about choosing the right adviser for you.

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Old Mutual and South African Savings Institute take financial literacy to under privileged communities. Old Mutual has partnered with the South African Savings Institute (SASI) to bring financial education to rural and peri-urban communities in KwaZulu Natal, Eastern Cape, Free State and Gauteng.

Called ‘financial knowledge, save your future’, the financial literacy community campaign aims to raise awareness around the lack of savings and the impact this has on the country’s economy.

SASI and Old Mutual will use community workshops to help under privileged South Africans, particularly women and young people, to manage their money better. The head of financial education at Old Mutual, John Manyike, explains that Old Mutual has recognised the role financial literacy can play in improving the state of savings in South Africa. “Our partnership with SASI will help us extend free financial education to an important segment of the South African population,” he said.

The recent Old Mutual Savings and Investment Monitor found that more and more South African households are caught between their limited incomes and their deep desire to save for their own financial future and that of their children. The Old Mutual financial education programme, ‘On the Money’, uses the memorable imagery and characters of The Big Five animals to explain the key principles of good money management and show people how to get out of debt and start saving.

The CEO of the SASI, Elizabeth Lwanga Nanziri, says: “We can’t overstate the importance of the link between personal savings habits and economic growth.” As a country, we need to understand that our individual and collective approach to saving will have a long term impact on the economic prospects of the nation. The more South Africa saves, the more we can invest in infrastructure projects and the less we need to rely on foreign investors. South Africa is now at a point where each one of us should view saving as a necessary obligation. Our future, our children’s future and the country’s economic future depend on our ability to improve our levels of savings.

Head of research at Old Mutual, Lynette Nicholson, says the current findings are troubling, but can be addressed through financial education. “A worrying 83% of parents have no idea what their children’s education will cost, and the use of education policies has declined from 31% of all savings vehicles in July last year to 19% this year.”

The ‘financial knowledge, save your future’ campaign will be rolled out over a period of six months.