Many consumers continue to face increased and wide-ranging challenges in managing their finances, including the rising costs of their day to day necessities such as food, fuel, transport, electricity and other expenses. This, together with increasing levels of consumer indebtedness, potentially impacts on their ability to save, despite the willingness to change their circumstances.
Inspired to address the challenge of improved financial literacy and to promote a national culture of savings, 10 years ago, the South African Savings institute (SASI) earmarked July as National Savings Month and partnered with key industry players to emphasise the need for a strong savings culture aimed to boost economic growth and social conditions.
‘Nedbank welcomes and embraces the concept of National Savings Month. As a great place to save and invest, we believe it is important for Nedbank to continue innovating to provide relevant products and services that will enable greater financial inclusion. We aim to make banking more accessible to all in South Africa and to assist in building a culture of saving and financial fitness for our clients. It is against this backdrop that we have partnered with SASI, to showcase MyFinancialLife™ which is available to everyone (Nedbank and non-Nedbank clients) ”for free”,’ says Anton de Wet, Managing Executive of Client Engagement at Nedbank.
Launched in September 2012, MyFinancialLife™, is a highly secure, easy to use online personal financial management tool that allows consumers to view and manage their consolidated financial position. It is designed to empower consumers to manage their finances, understand their spending habits, save, and to assist them in achieving their financial goals and aspirations.
Following MyFinancialLife™, Nedbank has recently launched MyMoneyMap™, which is an online tool for Kids and Parents, which can be used to manage their pocket money (allowance). This too is available to both Nedbank and non-Nedbank clients for free. It builds on the Youth offering of Nedbank4me, My Future – My Bank, aimed at empowering kids – with their parent’s assistance – to build financial fitness from an early age.
‘MyFinancialLife™ and MyMoneyMap™ are first to market in South Africa, made available to everyone for free, contributing towards empowering South Africa to build our financial literacy and become a nation of savers. As a bank for all, we continue to deliver a choice of distinctive client-centred banking experiences, including a range of savings and investment products, from short, medium or long term offerings with consistent, competitive rates and great client service,’ concludes de Wet.
For more information visit www.myfinanciallife.co.za
