To kick off savings month, Sanlam has launched a new money saving experiment - the One Rand Family. This follows the One Rand Man experiment, which took place last year.
“They live in a beautiful home, and have good careers and healthy children. There is just one problem: there never seems to be enough money left at the end of the month,” said Sanlam in a statement.
To figure out where their money goes every month, they’ve made a radical family decision – to get their entire salaries paid to them in R1 coins this July, explained Sanlam.
“They’ve locked away their bank cards, deactivated their banking apps and will live only on those coins for National Savings Month,” said Sanlam.
The campaign is aimed at encouraging South African families to carefully reconsider what they spend their money on and why they spend the way they do. It is to help people better understand where their money goes, and how they can change their spending habits for the better.
“Like many families, the One Rand Family is confronted with financial choices every day. Choices to spend or save. They earn good salaries, but are they investing enough in their future? If not, what is standing in their way? We believe their story will resonate with many South Africans and will provide valuable insights into our relationship with money. We want to explore the psychology behind money and understand the real drives of our behaviour,” said Yegs Ramiah, the CEO of Sanlam Brand.
Ramiah said the use of paying with cards, online banking and mobile apps, while convenient, has disconnected South Africans from their hard-earned money.
He said that is because it is so easy to spend.
“Many South Africans find themselves spiralling rapidly into debt. Since our national savings rate is so low, we believe that any insights into our money habits which may lead to increased savings, is well worth promoting,” said Ramiah.
The One Rand Family’s story will be captured in four weekly episodes on e.tv (Monday to Thursday at 17:25) and web-episodes every Monday.
Web-episode 02 has just launched, and this week, see reality set in for the family. They have to count the costs and start
paying the bills.
To watch the latest episode, simply visit: http://onerandfamily.sanlam.co.za/episodes.html or view it on YouTube.