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Old Mutual to impart personal financial management skills to chiefs in Centane

12 December 2007 Old Mutual

Leading investment and savings group Old Mutual (SA) has launched a financial education programme in Centane, Eastern Cape aimed at imparting sound personal financial management skills among 100 chiefs in the area.

The initiative forms part of Old Mutual's pledge this year to invest in excess of R85 million over 5 years in consumer financial education, demonstrating its commitment to deliver value to consumers. According to research conducted by Old Mutual in 2007, fewer than six out of every 100 South Africans will have saved sufficiently for their retirement, hence the need for this type of intervention.

"The training of chiefs is seen as instrumental in ensuring the o¬ngoing success of the community workshops being organised by Old Mutual," says Marshall Rapiya, MD of Old Mutual Retail. "These chiefs will become champions for these financial education workshops in their respective communities. 

"Similarly, we are now planning to conduct a financial-education training workshop with all the Ward Councillors in Centane - whom we also envisage to become advocates of the financial education rollout."
"We are currently rolling out financial education to the Centane communities using the "On the Money" concept we have developed," says Rapiya."

He says the o¬n The Money programme teaches clients and fellow citizens how best to manage their finances, such that they can achieve their desired success.

Rapiya explains that Old Mutual developed this programme by studying the behaviour of the families of the Big Five animals found in South Africa. The programme aims to help South Africans, of any income-earning ability, to manage their money better. The unique characteristics of the Lion, Leopard, Elephant, Rhino and Buffalo, as found in nature, have been distilled to teach truisms about how to manage personal and family finances."

"This programme - delivered by a team of Financial Facilitators, and non-salespeople within Old Mutual - is touching the lives of our consumers. Explaining financial concepts, by using facts about the animals found o¬n our bank notes, has made it easier for our consumers to grasp the underlying principles of money management."

Rapiya says: "We live in a country that is alive with possibilities for our citizens to realise their dreams. As we learn new ways of managing our money, we strengthen the fabric of our families and communities. And ultimately, we are able to pursue our dreams and secure a future filled with financial success".

"It is essential that as we teach adults and parents, we equip the next generation of investors with sound financial management principles at an early age. To that end, learners will be taught financial principles through a pilot within the National Curriculum for select schools in 2008."

Rapiya concludes that the outcome of the consumer education process is the development of consumers' skills, attitudes, knowledge and understanding of the financial services sector and its products and services.

"Consumer education empowers consumers to make informed decisions about their finances and lifestyles."

 

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