25% of 400 000 eligible members withdrew their Two-Pot savings in March 2026; 80% of claimants had already withdrawn at least once before.  According to Old Mutual Corporate’s Two-Pot survey of 35 350 members who withdrew, 34% indicated this was to pay for basic living needs.  

The story Two-Pot tells employers this year is that their people are struggling amidst a systemic cost of living crisis. However, there are green shoots growing; preservation rates are up – as is annuitisation post-retirement.  

Michelle Acton, Chief Customer Officer at Old Mutual Employee Benefits, says that advisers can play a crucial role supporting employers as they navigate helping their people, while balancing cost with competitiveness. A healthier workforce means more resilience, with less presenteeism and absenteeism.  

Here are some of her main Two-Pot takeaways for advisers to share with employers. 

Some Two-Pot takeaways for March 2026 

Across all income levels, withdrawals were largely driven by financial pressure rather than discretionary choice.  

• 34% of survey respondents indicated withdrawals were for basic living needs – primarily for food (24%), family support (16%), school fees (15%) and rent (15%). 

• 26% of respondents cited withdrawals were for emergencies, with medical expenses (32%), home repairs (32%) and vehicle repairs (21%) the main drivers. 

• 26% pointed to servicing debt – led by personal loans (27%), student debt (20%) and credit cards (19%). 

• Behaviour is broadly consistent across genders, with women slightly more likely to withdraw for basic needs (35% vs 32%) and men more likely to withdraw for debt (28% vs 23%). 

• 45% of members report feeling under significant financial pressure, with a further 34% saying they’re managing but financially constrained. 
• Old Mutual has paid out over R6 billion across 500 000 claims since Two-Pot’s launch

This year, the Preservers (those yet to claim at all) dropped to 21%, the Contingency Withdrawers (those who’ve withdrawn for an emergency) sat at 41%, and the Serial Claimers (those who keep dipping in) climbed to 38%.  

Two-Pot money is being used as intended – as another safety net in dire times. The system is working; 13% less cash left Old Mutual employer funds in just one year, with more people preserving when changing jobs – over time, this will snowball significantly.  

So, against this background, what should advisers be telling employers? What can employers do to support their people, and attract and retain key performers? 

Five key areas where employers could make a difference 

Here are some core ways advisers can guide employers to support their people and foster a financially healthy workforce: 

1. Reassess total rewards in real terms: Is take-home pay sufficient to meet core living costs? Are benefits reducing financial shocks? Regular benchmarking is key. Additionally, consider aligning bonus and incentive periods with peak Two-Pot withdrawals, to inject relief right when people are most tempted to claim.   
2. Support learning: The prominence of unsecured (comprising 13% of debt-related withdrawals) and student debt tells a story. Old Mutual’s internal survey shows that members are using retirement savings to settle education-related obligations and to reach key milestones like graduation. Structured study support, bursaries or low-cost financing options can ease this burden and enable organisations to invest in talent for retention and succession planning. 
3. Keeping workers well: Medical costs remain a major trigger for withdrawals. Affordable medical aid options, primary care cover or employer-subsidised gap cover can significantly reduce reliance on retirement savings for health-related shocks. 
4. Allowing more flexibility: Remchannel’s Employee Benefits research found the number of hybrid companies has decreased from 86% in 2023 to 78% in 2025. With fuel prices rising, allowing people more flexibility to work from home could make a big impact.  
5. Closing the monthly gaps: Employees seem to be using debt to close monthly gaps, which pinpoints liquidity as an issue. Solutions like Right Track®, an Old Mutual employee benefits financial diagnostic tool, can help employees to overcome reckless lending, prescribed loans, overpriced credit policies and more. This frees up cash-flow for when people need it most. 

Alongside these, ongoing coaching, debt-management tools, and timely nudges at the time of withdrawal can help employees make more informed decisions – especially when short-term pressure risks locking in long-term losses. None of this replaces the fundamentals. Strong defaults, appropriate contributions and sound investment strategies remain critical.  

For employers looking to attract and retain key talent, this presents a clear opportunity. Financial stress will directly impact productivity, engagement and retention. Employers who respond with practical, well-designed support will be better positioned to stabilise their workforce and improve long-term outcomes. 

And that is where advisers are well positioned to add value: helping employers translate what the data is really saying about their people into solutions that matter.