Streaming issues? Report here
Just the Hits generic CapeTalk Just the Hits generic CapeTalk
Just the Hits
15:00 - 20:00
volume_up
volume_mute

Up Next: Just the Hits... with Soul
See full line-up
Just the Hits
15:00 - 20:00
Home
arrow_forward
Business
fiber_manual_record
Lifestyle

Momentum Corporate offers help demystifying 'insurance speak' for members

21 September 2021 4:39 PM
Tags:
financial literacy
Momentum Corporate
umbrella retirement fund

Mandy Wiener speaks to Ncumisa Madinda Executive: Member Solutions at Momentum Corporate Primary.

Momentum Corporate research in conjunction with UNISA revealed that most South African consumers are not financially literate, says Madinda. Both the FinScope Consumer Survey and HSRSC research support this finding she adds.

Momentum Corporate research shows that the younger generation is unfamiliar with industry terminology.

For example, most people don't know what a pensionable salary actually means. Terms such as nominees, and umbrella retirement funds are also not familiar to some.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

She believes that South Africans need to be empowered with the right financial knowledge.

We need to encourage South Africans to make better financial choices, otherwise, people will always be hamstrung on their journey to financial success.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

Momentum's business is all about ensuring this success for both employees and employers, says Madinda.

How does Momentum help demystify these terms?

We offer all members of our umbrella retirement fund, access to professional benefit councillors.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

This is a benefit available to the stand-alone retirement fund as well.

Whenever a new employer joins our umbrella fund we work very closely with them and their employees to drive behaviour that leads to a better financial outcome.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

Although the return and benefit counselling is a service required by legislation, at Momentum Corporate we really go the extra mile.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

The company helps members develop a foundational understanding of their benefits and provide them with access to financial coaching on topics such as managing debt and developing a budget.

One example is the Smart benefit Statement we launched last year which gives members real-time information on their retirement savings and group benefits through any digital device.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

It is really empowering providing members with relevant educational material as well and allowing them to demystify terminology or concepts at the tap of a finger or the click of a mouse.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

A study conducted after the launch of the Smart Benefit Statement revealed the tool helped significantly.

75% of members told us that it made it easier to understand terms that they had been previously unfamiliar with.

Ncumisa Madinda, Executive: Member Solutions - Momentum Corporate Primary

She says a series of videos is in the works which will soon be available to financial advisors and the public to explain terminology and concepts.

Though these are digital offerings, she says many still prefer human-to-human contact and in-person financial advisors are always made available.




21 September 2021 4:39 PM
Tags:
financial literacy
Momentum Corporate
umbrella retirement fund

More from Business

More from Lifestyle