We have worked with the Cambridge Institute of Sustainability Leadership to identify where we can make the most material impact across Old Mutual. Financial wellbeing is one of our key focus areas, where we aim to become a leader in financial services. We view financial wellbeing as a way of ensuring that all people can access a full suite of financial services, at affordable prices, in a convenient manner, and with respect.
To Old Mutual, this means having well designed products for each customer segment that can be easily accessed through the most suitable medium for our customers. We invest in educating our customers and the wider communities in which we operate, allowing them to gain greater independence. We believe that basic financial literacy and access to financial services is what truly empowers people to achieve their lifetime financial goals.
How do we embed financial wellbeing across Old Mutual?
We approach financial wellbeing through three key areas - financial education, financial inclusion and through the products and services we offer. We have a range of programmes in place looking at our customers' existing and future needs, and those of the wider communities in which we operate. Our aim is to scale up our existing programmes and work together with key partners to create new opportunities for financial wellbeing across Old Mutual.
Enabling financial wellbeing
Partnership with MyBnk
RILEBU boosts financial literacy
We invest in increasing the understanding of financial services across the markets in which we operate. We have a range of financial education offerings available across the Group for our customers and wider communities. These range from school-based workshops to radio shows, interactive websites to work-based discussions.
We define financial inclusion as the ability to access products and services related to the current and future needs of individuals. We work to improve accessibility by working with local communities to ensure we meet their needs through innovative formats such as mobile banks. In addition, we invest in our online presence to allow us to promptly and efficiently respond to our customers in a manner that best suits them.
Providing products suitable for our customers' needs
We realise our products need to suit the needs of our customers both in the short- and long-term, at every stage of their life. We work to ensure our marketing is responsible and clear, our services appropriate for our different customers' understanding and needs, and our products offer the best value.