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The improvement of savings in South Africa is one of the major socio-economic challenges facing us as a society. A reversal of our poor saving record can only be achieved through a sustained collaborative effort, across the economy.
As a direct consequence of this, Old Mutual recently announced its collaborative partnership around the National Savings Month campaign being launched with the South African Savings Institute (SASI).
Karen Thomas, Head of Brand at Old Mutual, says: “This partnership is a valuable endorsement of our existing financial education effort. It also validates our view that no single stakeholder can hope to tackle the country’s urgent need to address its savings habits, for the benefit of individuals and the economic future of South Africa.”
“The partnership will enable us to broaden our efforts beyond our current reach to assist as many people as possible in improving their current savings habits. It will also aid better financial planning – not only during Savings Month but for the rest of the year and beyond.”
Thomas says that as a leader in savings and investments, Old Mutual is committed to providing leading solutions to cater for the changing needs of consumers. “For example, over the past year we brought innovative solutions to the market such as the 2-in-ONE Savings Plan that encourages individuals to save while simultaneously catering for emergency funds. We also launched our Invest Tax Free Plan so that customers can take full advantage of the new tax free savings legislation that came into effect on 1 March this year.”
She adds that Old Mutual will release the latest research findings of its Savings and Investment Monitor towards the end of July. Since 2009, this research has provided valuable insights annually on the savings behaviours and trends of working metropolitan households.
Tel: 0860 INVEST(468378)