Press release -
Want to take control of your finances? Discovery Bank and Worth have a solution that costs only R5!
Johannesburg, 03 August 2023– Discovery Bank and its online financial education partner, Worth, today announced an exciting, limited offer to give more people access to the benefits of good financial knowledge. The objective is to empower every South African to make the right choices for a brighter financial future.
Until 30 September 2023, it is possible to complete a financial course that usually has a price tag of R5 000 for only R5. This practical financial education has been a catalyst for thousands of South Africans to change their money matters around for the better through small behavioural changes.
Discovery Bank, a fully digital bank, is built on the science of managing money well through five behaviours. Vitality Money includes various ways to encourage positive financial behaviours, motivates people to not spend more than they earn, save for the short term, invest for the long term, have the right insurance, and to take care of property needs at all stages of life.
“Part of managing money well and adjusting these five behaviours that have the greatest influence on our financial wellbeing, is having adequate financial knowledge. We are excited about broadening access to two specific courses, Wealthy Me or Wealthy Couples at this extremely low rate of only R5 through our partnership. It removes any restrictions in affordability to broaden people’s ability to build investment and other money management skills. And we are making financial education part of the behaviours we reward by giving Discovery Bank clients with Vitality Money, 10,000 Vitality points in the year they complete the course and another 5,000 Vitality points in the year after,” says Akash Dowra, Chief Growth Officer and Head of Client Insights for Discovery Bank.
Recently, news around South Africans’ financial wellbeing highlighted the need for help to stretch salaries and reduce the high reliance on short-term debt to make ends meet.
Results from the Discovery Bank partnership with Worth show exceptional results towards achieving this objective. Discovery Bank clients who have upped their financial knowledge show a further remarkable shift towards long-term positive financial behaviours.
Among Discovery Bank clients who completed a Worth course:
- There was a 150% increase in the money they started saving.
- Their engagement in managing monthly finances and Vitality Money, which rewards managing money well as measured by financial choices and points in the Discovery Bank app, increased 57%.
- They increased credit card spend; however, showed an increase in debt of only 1% compared with an 8% increase of the average debt in South Africa measured by the Credit Bureau.
- An average of 79% have accumulated at least R5 000 in savings for emergencies, compared with 58% before completing the course.
Gary Kayle, Cumulate co-founder and Worth CEO, says,” Together, Discovery Bank and Worth are investing in the financial future of South Africans. The validation of financial education in promoting behavioural change can expedite critical socio-economic indicators such as credit scores, savings, and investments.”
Worth offers an innovative approach to improving financial knowledge and skills. Feedback from Discovery Bank clients confirm practical improvements in their ability to not only take control of their finances, but to also implement savings and investment strategies for the future. “The incredible results in positive behavioural change demonstrate the meaningful impact of financial education, irrespective of a person’s initial levels of income, education, debt or Vitality Money score,” added Hayley Parry, Head of Education at Worth.
There is no better opportunity. For only R5, you’ll get knowledge that can change your financial future forever. Download the Discovery Bank app and become a client. If you are already a client, simply go to Vitality Money status and Tools in the Discovery Bank app. A Worth consultant can help you register and assist with your studies. Terms and conditions apply.
About Discovery Bank
Discovery Bank is part of Discovery Limited, a financial services organization that operates in the healthcare, life assurance, short-term insurance, savings and investment and wellness in over 40 markets. Discovery Bank is fundamentally designed differently through its shared-value model. Clients create value as they manage their money well that Discovery Bank shares back with them through better interest rates, deep discounts and significant rewards. The overall outcome is that clients experience greater financial wellbeing, it reduces the risk of defaults for Discovery Bank making the business more sustainable, and it addresses large-scale challenges, such as increased savings, that benefit society at large. Behaviour change and rewards are enabled through Vitality Money, an AI-Powered programme on the Discovery Bank app that which gives clients an understanding of behaviours that influence their financial wellbeing and how to manage their money. The better clients do, the higher their Vitality Money status and the greater the value they receive
Cumulate is an Endeavor-selected fintech business with a proven track record of improving critical business metrics for financial services providers by driving financial behavioural change in their customers. Through Worth, we are the exclusive financial education partner to Discovery Bank and Discovery Healthy Company. With over 70,000 lives changed, Cumulate is a pioneer in financial behavioural change that is driven by content, underpinned by data and integrated into businesses using plug-and-play analytics, algorithms and proprietary IP.