Old Mutual Swaziland and Enactus today announced a partnership to provide financial education to all Enactus students currently enrolled in the Enactus program at the countries institutes of higher learning.

The training will be delivered through the Old Mutual, On The Money program, which educates on the Big 5 Secrets of Money Management and is Old Mutual’s core Responsible Business pillar.

As job creators and community builders, social entrepreneurs are powerful drivers of both economic growth and community upliftment. To encourage social entrepreneurship among younger generations, Old Mutual selected to partner with Enactus, an international non-profit organisation that empowers students with knowledge and skills to start their own successful enterprises.

The On The Money program seeks to inform people on how to break old approaches to money habits and start new habits by focusing on actual behaviour change. In particular, the program concentrates on helping people with limited financial resources to get into saving habits and get out of debt traps.

The Big 5 Secrets center on the Big 5 animals namely the Lion, Leopard, Elephant, Rhino and Buffalo and how learnt behaviour from these animals can be applied to money management. Old Mutual's research has shown that poor financial planning habits are at the root of poor money management. Even when people know what to do, and have basic knowledge and motivation, they often end up not doing it.

The motivation for this partnership was precisely centered on these Big 5 Secrets to assist the Enactus social entrepreneurs prosper in their entrepreneurship program, as well as, prosper on a personal level.

Following last week’s Global Money Week, where the global theme Money Matters Matter was embraced, it has become evident that financial knowledge is economic power, especially with the youth. This is because behaviour is learnt and children must now be equipped with the right learning to ensure they hone their financial management skills. Old Mutual is supporting this global drive to encourage sound financial habits among younger generations.

A snapshot survey amongst the youth clearly demonstrates that they have more liberal views, inquisitive minds and are willing to engage in meaningful dialogue on learning more about money.

“As an advocate of financial education and an implementing partner, our focus at Old Mutual is aligned with the 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, who delivered the key note address at the launch.

“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.

The Old Mutual and Enactus partnership is a revolutionary approach the two institutions have made by undertaking this strategy to provide financial education. Old Mutual Chief Executive Officer, Muzi Bell said “It is an historic moment for Old Mutual because from the onset our goal was not just to provide a monetary donation to Enactus but to transform lives through the Old Mutual On The Money program, of which such education cannot be quantified in monetary terms. The value will manifest itself in how successful these young entrepreneurs become.”

Enactus Country Director, Mr Wonderboy Khumalo said “Money is not an end in itself but a means to an end. As Enactus it is very exciting that we are dealing with the youth at tertiary. People after graduation have bigger plans to accomplish after a certain period of time. Sometimes these plans remain good dreams in their minds because of lack of necessary resources and skills to achieve them. Money being one of the resources they need. Nonetheless money alone cannot help them achieve their goals unless they have skills to use it appropriately to advance themselves.

"Programs such as “On the Money” therefore are pivotal in this case. It empowers the next generation on how to use financial resources accordingly in order to achieve their goals. We believe that financial literacy is also a vital component of entrepreneurial action which our students are engaged in to change their lives and also the world around them”.

In conclusion, Bell said “This partnership is a culmination of ongoing engagements between the two entities of which we are very proud of as witnessed by the signing of the Memorandum of Agreement today. We believe financial education plays a vital role in raising financial awareness and equipping young people with the necessary financial planning, budgeting and saving skills to make wise financial decisions.”

Training of the Enactus Social entrepreneurs will begin this March. The On The Money program is available to all corporations, businesses and other institutions that may want to empower their employees at no cost to the employer. On The Money training requests can be directed to the Old Mutual.

For more information on Old Mutual’s comprehensive financial education programme, join the digital community on Facebook: On The Money or follow us on Twitter @OM_ONTHEMONEY.