12 Mar
2018

Global Money Week: Financial knowledge is economic power


 

In support of the global drive to encourage sound financial habits among younger generations, Old Mutual is hosting a student forum at the University of Johannesburg. The aim is to spotlight financial education and stimulate robust discussion and awareness about why money matters matter.

The event will be part of Global Money Week (GMW), to be held from 12 to 18 March 2018 by the Banking Association of South Africa (BASA), which is the largest worldwide initiative of its kind.

“As an advocate of financial education and an implementing partner, our focus at Old Mutual is aligned with Global Money Week’s quest to raise financial awareness among young people around the world and equip them with the necessary information and skills to make wise financial decisions,” says John Manyike, Head of Financial Education at Old Mutual.

“By taking part in Global Money Week, we continue to stress the importance of savings, financial inclusion and financial planning among youth as an essential tool to build a brighter financial future for the country. In essence, financial planning is the smartest tool to use to better manage debt, and is key in helping students to achieve their long-term financial goals,” says Manyike,

Research by the financial services group indicates that poor financial planning habits are at the root of South Africa’s over-indebtedness and poor savings culture. For example, the 2017 Old Mutual Savings & Investment Monitor shows that Generation X is under enormous pressure to support their parents and various family members as well as their children. In 2014 the study also showed that 48% of parents and family expected their children to support them. In 2017 that number climbed to 58%, an alarming 10% increase in three years.

“Our investment in financial education is part of our social responsibility to educate the wider South African population on responsible money habits.  Our tools are simple – we provide our people with relevant knowledge and an easy formula to effectively manage their finances,” says Manyike.
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