Rewarding a smart savings mindset beyond a customer base
LAUNCHED eight months ago, Old Mutual’s rewards programme to encourage responsible financial behaviours is helping consumers achieve great things, according to Jean Minnaar, general manager of product solutions.
Acknowledging that whether it’s smoking, over-eating or spending money on the wrong things, bad habits are hard to break, he says, “However, one of the toughest to break is managing money poorly, including borrowing too much, saving too little or not having an emergency fund.
“Rewarding good financial behaviour is key to improving our nation’s savings culture and helping every South African – not only Old Mutual customers – to take charge of their own financial future.
“We believe that by encouraging certain behaviours, we can shift mindsets from careless consumerism to responsible planning and wealth creation. Among those we particularly hope to encourage are effective day-to-day money management, financial knowledge-seeking to support sound financial decision-making, gaining insight into your own financial needs, financial planning and goal setting. But, most importantly, following through on financial decisions.”
Emphasising that the programme is not restricted to customers, he explains, “As part of our commitment as a Responsible Business – and underpinned by our firm belief that what’s good for South Africa is good for Old Mutual – our rewards programme is open to all South Africans from age 18.”
As with any bad habit, being aware of the negative effects is not always enough to break patterns that have become deeply wired in our brains. Minnaar says, “What makes Old Mutual Rewards unique is that our programme aims to change habits and ensure personal financial wellbeing through simple, accessible and effective financial education – and tangible rewards.”
Consumers can earn points for building financial knowledge and making sensible financial decisions. This includes completing financial assessments, using online calculators and completing education modules on Moneyversity, Old Mutual’s online financial education hub.
An exciting new feature is the recent link-up with 22seven, South Africa’s top money management app that offers a ‘personal trainer’ to help with financial matters. Besides earning points when linking the 22seven app to Old Mutual Rewards, participants also earn points when completing activities with the app.
“We do understand the need for motivational incentives to achieve a shift in behaviour,” Minnaar assures, “which is why members have various choices to use their points, from redeeming them at any Old Mutual Rewards partner, buying airtime and data bundles, to converting them to their financial plans. It’s all about making great financial decisions today, and feeling good about it.”
The ultimate aim of Old Mutual’s Rewards programme is to enable people to be more discerning and understand the tangible benefits of having a positive mindset towards money and how it can be used to create a better future.