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Old Mutual Financial Education becomes an accredited learning provider

27 January 2009 Old Mutual Financial Education

The Insurance Sector and Training Authority (INSETA) has accredited Old Mutual Financial Education as a learning provider in financial education, thereby paving the way for millions of South Africans to gain the all important financial literacy skills.

In addition, the Old Mutual flagship money management programme “On-the-Money’ was awarded learning programme approval.

The accreditation means workshop delegates can now receive a certificate, in line with the National Qualifications Framework (NQF) standards, o­n completion of the programme.

The other significance of the accreditation is that it informs clients about the quality programme and the fact that they will receive recognition of learning. This recognition can be incorporated into other programmes because the points earned can assist in meeting other academic criteria.

For corporate clients offering these workshops to their employees, they are able to claim back from the skills levies paid out.

The savings and investment group has been offering workshops across all provinces to South Africans to educate them about how to plan and manage personal finances and to encourage a culture of saving. The workshops have been offered since 2006 and to date 48 093 South Africans have benefited from the programme

Marshall Rapiya (pictured), MD of Old Mutual Retail, comments that the accreditation shows that “we have a quality and compliant programme”.

Rapiya stressed that South Africa’s high debt levels, low savings rate and high levels of financial illiteracy, amplifies the significance of this intervention by Old Mutual.

“The relevance of this programme is underscored by the fact that while most people are aware that saving, investing, and planning for their future are essential to their quality of life and financial security, many do not know how to go about it,” says Rapiya. In 2009, Old Mutual has set aside R28 million for the roll out of the financial education programme.

According to Rapiya, it is in Old Mutual’s interest to help forge a stable economic environment and o­ne of the ways to achieve this is to empower people to make smart financial decisions.

As part of the programme, Old Mutual trains unemployed graduates to become financial education facilitators. These graduates become accredited trainers and run workshops across the country.

Last year the group launched the o­n-the-Money schools toolkit, which was endorsed by the National Department of Education and is currently being rolled out in 1 000 schools nationally as part of the 2009 curriculum. The toolkit teaches children the basics of financial planning in a fun and interactive way.

“The transformation of this country is a key part of Old Mutual’s strategic objectives. Through this programme we are able to create jobs for unemployed graduates, we reach out to children through the o­n-the-Money schools toolkit and more importantly we are able to create finance savvy communities.”

For more information o­n how to access the Financial Education Workshops contact 0860 388 873 or email: financialeducation@oldmutual.com

 

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