Nedbank and Disney partner to promote a saving culture amongst children
Less than half of all South Africans save regularly or have a clear understanding of bad debt, according to various sources.
Nedbank research reveals that 69 percent of parents want to set a good financial example for their kids but 74 percent find it hard to talk about money, or just aren’t equipped to do so.
To assist parents and caregivers accomplish this vital task, Nedbank is collaborating with The Walt Disney Company Africa in a unique and exciting financial literacy programme entitled DuckTales Moolah, tied to the popular kids’ animation series, Disney XD’s DuckTales. Through a series of educational animated shorts to air across the Disney Channels on DStv and through Nedbank’s online and social channels, as well as customer learning and digital exclusives, DuckTales Moolah seeks to inspire families to engage in issues around financial security and sustainability.
As part of the programme, existing Nedbank4me Account holders stand a chance to win cash into their account and other cool prizes when they meet the competition requirements centered around money management and savings tips. Nedbank4me is a transactional account with no monthly fee, great interest, opened in minutes on the Nedbank MoneyApp and designed specifically for young people up to the age of 15.
Based on the Emmy Award-winning series treasured by a generation of viewers, Disney XD's animated comedy-adventure series DuckTales chronicles the high-flying adventures of Scrooge McDuck, a Scottish tycoon and an intrepid adventurer. Scrooge is Duckburg's most famous trillionaire and accomplished this through his belief in thrift, hard work, ingenuity, and dedication to business.
"This is the first time a bank in Africa has collaborated with Disney Africa to offer this depth of financial literacy. We understand that children enjoy having fun and this is our way of playing where they are playing through edutainment. In the current economic climate, DuckTales Moolah will go a long way in helping future generations improve their relationship with money, encouraging a culture of saving and investing to ensure a thriving South African economy," said Bridget Nkandu, Executive for Youth Banking at Nedbank.
"We hope that DuckTales Moolah will be a useful and engaging tool to start the discussion surrounding financial wellness. We are thrilled that we are able to harness the popularity of our DuckTales characters in this important way," said Christine Service, Senior Vice President and Country Manager of The Walt Disney Company Africa.
According to a Nedbank survey, 58 percent of children (age 0 - 18) receive an allowance, with 51 percent getting R500 or more for chores. Most kids and teens spend and save their money, while only 6 percent save all of the money that they receive. Spending from the teen years is generally driven by peer relations, while savings is driven by their future orientation such as saving for a birthday or holiday. It also found that the banking needs of parents vary with age; those with younger children want to save for their child's future, while parents with older children want to teach their children to bank independently. This underscores the critical role of banks in providing parents and children with access to tools to help them manage their money well.