Old Mutual teaches learners to save for a rainy day

In a bid to impart vital money management skills to learners, 136 Old Mutual staff volunteers will fan across the country tomorrow (25 July) to deliver presentations in 140 schools about the value of money and the importance of saving.

This effort forms part of the South Africa Savings Institute’s (SASI) ‘Teach Children To Save’ campaign, which is the theme of this year’s Savings Month drive taking place during July.

As part of this first annual ‘Teach Children tot Save’ day tomorrow, the one-hour presentations will focus on helping learners to understand the relationship between savings and the achievement of personal financial goals. Specifically, presentations will endeavour to demonstrate the need for savings as the enabling factor to achieve personal goals.

For Savings Month, the ‘Teach Children to Save’ campaign has adopted a motto of Ligotshwa lise manzi, an African proverb meaning if you want to shape a stick, you will best do it while it is still moist - referring to the need to focus on the younger generation.

Marshall Rapiya (pictured right), MD of Old Mutual Retail, says the savings and investment group is delighted and enthusiastic about being part of a drive to equip the next generation of investors with good financial management habits early on.

“The need for this type of intervention cannot be over-emphasised, given the nation’s low personal savings rate, over-indebtedness and financial illiteracy,” says Rapiya. “Skills and capacity building are a key element of Old Mutual’s economic transformation strategy and financial literacy is one of the areas that we have earmarked to support.”

“We are conscious that a one-day event will not be enough to influence behavioural change, but the presentations are likely to leave a lasting impression on learners and inspire them to become more savings conscious into the future,” says Rapiya.

Old Mutual has already unveiled a financial education initiative, ‘On The Money’ toolkit - which targets the intermediate phase – grades four, five and six. Launched in April, the toolkit is a support resource for educators and consists of games, activities, posters, flash cards and assessment and lesson plan ideas.

Through playing the games and carrying out the activities, learners will be required to read, write and comprehend, as well as apply mathematical skills. The games can be played over and over again and learners will enjoy having fun whilst learning important money-related lessons.

Old Mutual’s ‘On the Money’ toolkit was conceptualised and developed in conjunction with the National Department of Education (DOE) subject specialists to ensure that a comprehensive programme was being developed.

The toolkit also assists learners to see how easy it is to start new habits and break old ones. By focusing o¬n actual behaviour change, Old Mutual is putting a considerable investment into breaking the cycle of generational poverty.

“The primary objective is to create a future generation of savers with solid financial behaviour,” Rapiya concludes.