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SUPPORTING COMMUNITIES IN PRACTICE

Teaching children to save in South Africa
Teach Children to Save is a collaborative savings campaign between the South African Savings Institute and Financial Services providers.

Mutual & Federal helps boost financial literacy
At Mutual & Federal we've been investing in financial literacy education.

Overview

Our support for communities is not just about giving money to good causes, but about making real and sustainable positive impacts. It is in our interest to build a stronger society by supporting communities effectively, especially in the emerging markets where we operate. That is why 'responsible to all stakeholders' is one of the three building blocks of our Group strategy. We have five Old Mutual Foundations and the Nedbank Foundation which primarily focus on financial education, enterprise development and community development.

Our approach

We recognise that we have a broader responsibility to strengthen the society of which we are part. Our long-term success is closely connected to being part of, and being trusted by, flourishing and sustainable local communities. This holds particularly true in southern Africa, where we are one of the largest financial services providers.

At Group level we have policies that encourage engagement with our communities and employee volunteering. At local level there is flexibility to focus on the issues that are most appropriate to that business. We support and invest in a range of areas, but the three focus areas that are common across the Group are financial education, enterprise and skills development, and community development.

Financial education

We use our skills, knowledge and experience to increase financial literacy in the markets where we operate. This helps individuals to make informed decisions about their finances and lifestyles.

Enterprise and skills development

The continuous development of skills and building the capacity of a range of enterprises contributes to developing economic infrastructures and a dynamic market.

Community development

At a community level we help in broader ways through investing in initiatives that lead to real social change at the grassroots level. Our work with local communities is delivered directly through our businesses, our five Old Mutual Foundations, the Nedbank Foundation and trusts.

Recent highlights

• Old Mutual South Africa (OMSA) ran:
  • The Learners' Scholarship Programme giving promising students from disadvantaged backgrounds schooling at top mathematics schools
  • Sponsorship of the edutainment series Soul City, playing an advisory and support role for the series' recent theme of sound financial management
•  Mutual & Federal worked with the South African Insurance Association and the Financial Sector Charter on programmes such as the Managing Your Money initiative to help improve mathematical literacy in South African schools
• Group Head Office continued to support financial education in London through Young Enterprise, reaching over 4,000 young people
• Old Mutual Namibia helped establish The Old Mutual Women's Micro-Business Project, providing women with financial and business training and access to interest-free loans
• In South Africa, more than 1,200 employees volunteered their time to work with Stop Hunger Now in honour of Nelson Mandela's 93rd birthday
• Every time a customer used a Nedbank Affinity banking product we made a donation to the Arts & Culture Trust, the Green Trust, the Sports Trust or the Nelson Mandela Children's Fund
• As part of our legal commitments in Zimbabwe, Old Mutual pledged over £6 million towards the Youth Empowerment Fund. Old Mutual Zimbabwe Foundation has pledged an additional £600,000 for capacity building and support of administrative and operational activities of the fund.