Evolutionary Awards – Old Mutual: Right Track
The Evolutionary Entries.
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from 4-8 November.
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Category: Evolution in improving member outcomes
Describe your evolution:
Our Member for Life strategy is focused on long-term outcomes and is delivered through a suite of integrated solutions. Among our industry-leading offerings, including the Old Mutual SuperFund, we strive to ensure that our customers achieve superior retirement outcomes compared to other options.
One of our standout solutions is Right Track.
What is Right Track?
Right Track is a free service designed to help employees eliminate debt. It begins with a financial diagnosis that addresses issues such as reckless lending, insurance overselling, illegal garnishees, debt collector harassment, and prescribed debt. By freeing up cash flow, Right Track provides employees with breathing space and offers a sustainable alternative to accessing long-term retirement savings.
Right Track is not a debt consolidation tool but a sophisticated financial planning solution. It provides personalized guidance and comprehensive strategies for effective financial management. Features include financial assessment, goal setting, budgeting, debt assistance, insurance assessment, tax efficiency, and estate planning. This holistic approach helps users achieve financial stability and success.
Right Track is an innovative and valuable tool for navigating financial complexities. The cash flow freed up through Right Track can be redirected towards savings and insurance solutions, offering additional protection in emergencies. By alleviating financial strain, Right Track helps prevent decreased productivity and the potential resignation of employees seeking access to their retirement savings, ultimately contributing to better retirement outcomes.
Describe the impact your evolution has had in response to its identified challenges and targeted outcomes.
Right Track is a new holistic financial wellness solution from Old Mutual Corporate, therefore
our targeted outcomes will be seen in the long run.
In a country where the burden of loans and debt significantly impacts the working class—often leading to reduced take-home pay or even no income—our initiatives provide critical support to South African workers.
Targeted Outcomes:
* Improved Financial Literacy: Right Track enhances employees’ understanding of financial management and responsible borrowing. By educating them to make informed decisions about debt, employees gain confidence in their financial choices, reducing stress and improving overall financial stability.
* Debt Management: Right Track assists employees in overcoming bad and illegal debt caused by unethical lending practices. We address issues such as reckless lending, harassment from debt collectors, and illegal garnishees. By challenging these practices, we free up cash flow and help employees escape crippling debt.
* Financial Stability: Right Track supports employees in managing their finances more effectively. It aids in reducing over-insurance and provides strategies for dealing with emergencies, ensuring that employees are better prepared for financial challenges.
Challenges Identified:
* Irresponsible Lending: Credit institutions sometimes offer loans without considering borrowers’ repayment abilities, leading to financial strain. This exploitation is exacerbated by a lack of consumer knowledge regarding their rights and obligations under various laws and regulations.
* Over-Indebtedness: Many employees struggle with personal financial management, falling into debt and becoming victims of unethical practices. This situation often results in increased stress and financial despair.
Right Track aims to address these issues by providing education, support, and practical solutions to improve employees’ financial health and overall quality of life.
