Old Mutual gives finances the stage
Community members gained valuable knowledge at the second Old Mutual Stokvel and Burial Society Indaba recently.
Old Mutual recently set about educating the people of Kagiso about savings and investments in a two-day Stokvel and Burial Societies Indaba.
Held at the Chief Mogale Hall in Kagiso, the event was aimed at creating a platform where people who do not normally have access to information could learn about investing, insurance and savings.
“We hope that after the Stokvel Indaba the attendees will understand the benefits of formalised channels of saving, which include earning interest and being legally protected,” said Thembisa Mapukata, spokesperson for the Indaba.
Some of the exhibitors present were the JSE, PSG Financial Services Group, the Insurance Sector Education and Training Authority (INSETA), the Financial Services Board and Hollard.
“The JSE is becoming more accessible and is trying to start conversations about money – that is why we are here,” said JSE exhibitor, Phatu Mudau.
Thembisa said that Old Mutual is partnering with financial institutions and industry peers such as Tyvision, INSETA, Hollard, MMI Holdings, FNB and the Financial Services Board to educate the local community.
“Old Mutual is a responsible company that is committed to uplifting the communities in which we operate. We would like to help bridge the gap between the informal and formal economies. The indaba is about meeting people where they live and operate, and Kagiso is one of many South African townships that we will visit,” Thembisa told the News.
According to Thembisa, there are 8,6 million stokvel members who are worth an estimated R49 billion in South Africa, and over 23 per cent of the adult population of the country are members of a stokvel. Community members learnt about the benefits of formalised channels of saving, burial society support plans and why the fine print matters, among other things. People were able to rub shoulders with company representatives that they previously had no access to, such as the national key accounts manager at Old Mutual and Thembisa, who is also a general manager of the Foundation Market at Old Mutual.
“We hope that the attendees have gained an understanding of the benefits of formalised channels of saving which include earning interest and being legally protected,” said Thembisa.
Marketing executive for the Mass Foundation Cluster at Old Mutual, Marcelle Arnold, also attended the event. “We are here to present the savings investment research and in particular to focus on the stokvel and burial society,” she told the News.
