This National Savings Month, one of Mzansi’s top insurers attacked low-savings rates at the launch of a limited edition fashion accessory.
Sanlam has had widespread success from its past National Savings Month social experiments such as “One Rand Man, One Rand Family”, “Conspicuous Savers” and this year’s “Mna Nam”.
Mna Nam, designed with one of South Africa’s top fashion designers, Laduma Ngxokolo, is fashion with an embedded QR code which allows it to be scanned and saved.
The aim is to make it as easy to save money as it is to spend it.
Yegs Ramiah, CEO of Sanlam Brand, said it was important that Mzansi people started to change their financial behaviour.
“Unfortunately talking about finances and saving is not a priority for many people, so we needed to demonstrate why it was important during savings month.
“Fashion is an aspirational and high interest area for many more South Africans than saving, so by making our savings tool a beautiful and fashionable work of art with high profile people, we are hoping to grab everyone’s attention in a new, interesting way.”
And the constantly low levels of savings in South Africa show no signs of improving.
Trurman Zuma, CEO of Sanlam’s Recurring Savings, said that the rising cost of living, desire for an instant shopping fix and social media have all distracted people from saving successfully.
“For many people, self-worth is manifested on social media as material possessions which indicate a certain level of visible success. But this is a perception we need to change,” he said.
Historically, a significant portion of the population was once denied access to credit.
“Now, everyone has access to credit, but it has come at a high price . . .
“Saving needs to become a financial priority and people need to focus on goals that are realistic for them and their needs.
“Saving is not just for the rich – it’s possible for everyone,” he said.
To show an example of saving, the Mna Nam bracelet marries technology and fashion with an embedded QR code linked to a WeChat Savings Wallet (offered by Standard Bank).
The wrist-worn accessory removes barriers to saving, through a simple scan-to-save reminder function.
It also serves as a visual reminder to save. When you reach for the morning coffee and see the accessory adorning your wrist, hopefully you will think twice about spending your money and seriously consider saving it instead.
To find out more about the bracelet and saving, visit www.mnanam.com
