MORE and more people in Mzansi are turning to the internet and technology to better understand money matters.
Cellphones, laptops, tablets, apps and calculators are the new financial tools.
The 2016 Old Mutual Savings and Investment Monitor found that while word of mouth and advisers remain common
sources, there’s been an increase in people using the internet to learn more.
Stanley Gabriel, head of Innovation at Old Mutual Personal Finance, said increased innovation in the financial services industry, coupled with
affordable mobile devices and decreasing costs of mobile data, is making it easier for people to access financial information and budgeting tools to educate themselves on money management.
Online platforms like Old Mutual’s Moneyversity, retirement and education calculators, and the 22seven app empower people to make better financial decisions.
“Financial literacy is not just about budgeting and saving. It’s also about helping people understand complex financial topics, provide data-based
insights on how they’re using their money and getting to grips with their financial realities,” he said.
Apps like 22seven work for you by sorting your transactions and showing you where you’re spending your money.
He said useful videos, games and calculators simplify complex financial concepts, helping ordinary Mzansi people make more informed decisions about spending and investing.
But he cautions against using online resources to replace face-to-face advice and a holistic financial plan.
“The role of a trusted financial adviser is key in determining your financial needs and helping you to craft a suitable plan. We all need a long-term financial ‘game plan’ to help us achieve financial security,” he said.
Tips for navigating financial services on the internet and apps:
* When using a budget app that links your bank accounts, always look for signs that guarantee that the app issecured. These include a small padlock symbol in the address bar or a web address beginning with https:// (the s stands for ‘secure’).
* 22seven uses the same security measures as banks.
* Avoid accessing budgeting and transaction tools from publiccomputers such as those in libraries or internet cafés.)
*Consult only resources related to Mzansi laws and regulations on tax.
* Source content from reputable financial service providers registered with the Financial Services Board.
* Check if the content is up to date.
