Research shows that women are significantly more likely to save money by using customer loyalty programmes. But as household budgets suffer serious strain, it makes sense for everyone to sign up, start earning points – and increase their financial savvy in the process.
Sixty-one percent of South African women make use of loyalty programme points and rewards versus 49% of men. That’s according to the recent Old Mutual Savings and Investment Monitor (OMSIM) Covid-19 Special Report.
“Our findings clearly show that women are more inclined to use incentive programmes to stretch their money further,” says Brett Cameron, Head of Old Mutual Rewards. “They do this by using rewards to offset day-to-day expenses, such as fuel and data, which allows them to then put the money they save to smart use by paying off debt or boosting an emergency fund.”
The reason why women are the biggest users of Rewards programmes is that they are often the ones making the spending decisions in the household. Interestingly, our OMSIM special report also shows that compared to their male counterparts, fewer women have fallen behind with their household bills, cashed in savings or investment policies, or missed credit card or store account payments.
As Brett Cameron points out, the positive impact of rewards membership on financial health goes much deeper than savings — its purpose is to reward South Africans for taking small steps to reach their long-term financial and life goals. In short, it drives smart money habits.
In the past year, 47% of Old Mutual Rewards members used the digital rewards programme’s Debt Repayment Calculator, making it the most popular tool, followed by the Budgeting Benchmarking Tool. You too can learn to manage your finances better with Old Mutual Rewards, by using these tools in addition to the free budgeting app, 22Seven.
“By using the free resources like the budgeting tool or informative online videos, Old Mutual Rewards offers members the ability to improve their financial knowledge and ultimately help them make smarter financial decisions. The plus side is that members are rewarded with points for engaging with the calculators and videos. Points that they can invest into their Money Account, or redeem at any of our Rewards partners or donate to a number of charities.
“With our Rewards programme, Old Mutual customers also receive a percentage of their premiums back in rewards points monthly. The programme is open to anyone and is free to join, even if you are not an Old Mutual customer,” says Cameron.
“The habits that lead to financial wellbeing are not gendered and especially in these tough economic times, it’s the responsibility of everyone in the household to save and spend better,” adds Cameron.
According to Cameron, savings and investment products currently rank as the third most-popular online purchase among the loyalty programme’s members, which makes it clear that their financial habits are paying off.
To make the most of Old Mutual’s digital rewards programme, Cameron advises you take the following three steps.
1. Join Old Mutual Rewards
Old Mutual Rewards is open to everyone – even if you’re not an Old Mutual customer. To join the fully digital rewards programme, click here.
Once you’ve joined, you can click on the ‘earn’ tab in the main menu and scroll down to the 22Seven banner. You can click and sign up for this free budgeting app. You’ll see the ‘You’re all set’ message when your Old Mutual account is linked to your 22seven profile – this will earn you up to 1400 points.
2. Earn your points
You will start to earn points straight away by linking your bank accounts using 22Seven, setting your budget and activating spending alerts. There are also recurring actions, such as reviewing your budget, which earns you points every month.
You can earn more points on the programme, by taking short assessments, using online finance calculators, and completing Moneyversity courses on everything from retirement savings to property investment, you’ll continue to accumulate points. These are easily accessible here.
You can even earn points simply by swiping your Money Account card, earning 1% in points for every R100 spent.
3. Redeem your points
You can spend your points on fuel, airtime and data, or food, clothing and groceries at a wide range of retailers nationwide. Simply convert what you’ve earned into digital vouchers or generate a code to scan from your phone in-store. You can also invest your points in your Old Mutual Money Account.
Take the Money Personality quiz
Ever wonder what money personality type you are? Answer a series of multiple-choice questions in the Money Personality Assessment to gain a deeper understanding of your relationship with money and the habits that might be holding you back. You’ll be taking the first steps to a more stable financial future while earning rewards points at the same time.