Family finances just got really interesting

!cid_image001_jpg@01D0B4E6During National Savings Month in July last year, South Africans got to know the One Rand Man, a 32-year-old architectural consultant who received his salary for that month in R1 coins.

His incredible journey gripped the imagination of millions, as people watched him learning first-hand how a world which has become unaccustomed to cash reacts to a guy living solely on cash. But as big as the One Rand Man himself had become, so too did the conversation around saving. Consumers applauded the One Rand Man for making them think about how they spend and save and for re-connecting them with the value of their hard earned money.

 

In the same month this year, another larger, even more ambitious experiment was launched –the One Rand Family.

 

Like many South African families, the One Rand Family enjoys a happy life…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. So to figure out where their hard-earned money goes every month, they’ve made a radical family decision – to get their entire salaries paid to them in R1 coins this July. They’ve locked away their bank cards, deactivated their banking apps and will live only on those coins for National Savings Month.

 

The campaign, spearheaded by leading financial services group Sanlam, is aimed at encouraging South African families to carefully reconsider what they spend their money on and why they spend the way they do – down to the last R1 coin. Says Yegs Ramiah, chief executive of Sanlam Brand: “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.”

 

Ramiah says the use of plastic, online banking and mobile apps, whilst convenient, has disconnected South Africans from their hard-earned money. “Because it is so easy to spend – and to spend money we don’t actually have – many South Africans find themselves spiraling 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.”

 

The One Rand Family’s story will be captured in four weekly episodes on e.tv (Monday to Thursday at 5:25pm) and web-episodes every Monday. Families across the country will also be able to follow, learn and participate on a dedicated online platform throughout the month, where experts will offer insights and tips to help South African families reconnect with the value of their money and prepare for a healthy financial future.

 

Says Alistair King, chief creative officer of King James Group, on this unique social experiment: “The One Rand Man was such a spectacular success last year that it made absolute sense for us to take it to the next level. It’s one thing to observe a young man grappling with his relationship with money, but another altogether when it’s a family filled with all its dynamics and financial complexities. I think more South Africans will relate to the One Rand Family because they will see their own financial predicaments within it.”

 

Don’t miss the first web-episode on Monday 6 July at www.onerandfamily.co.za or catch it on e.tv on Wednesday 8 July at 5:25pm.