Old Mutual Namibia hosted a comprehensive Media Masterclass on 18 July, bringing together journalists and media professionals with the aim of strengthening their capabilities and providing practical tools to enhance public understanding of financial matters.

The masterclass featured several key sessions designed to empower attendees. Veteran journalist Lazarus Amukeshe led an insightful session on financial reporting, offering practical guidance for effective communication.

Participants also engaged in certified financial education training through Old Mutual’s renowned “On The Money” programme, further equipping them with foundational knowledge.

A highlight of the event was an exclusive deep dive into the 2024 Old Mutual Financial Services Monitor (OMFSM). This segment served as a crucial real-world case study, demonstrating how complex financial data can be effectively translated into compelling and relatable stories that accurately reflect the lived experiences of everyday Namibians. The initiative underscores Old Mutual Namibia’s commitment to fostering a more informed and financially literate public

The OMFSM revealed that while many working Namibians are doing their best to manage their money, financial stress remains a major challenge. The national study, which surveyed over 650 working adults across the country, showed that people are adapting in creative ways, but often at the cost of their long-term financial security.

The study also revealed the resilience of Namibians, with many taking on side jobs and starting small businesses to save through stokvels and investing in livestock. These efforts reflect a strong spirit of determination and adaptability. However, the report also showed that more people are turning to debt to cover basic needs, and fewer can save for the future. This means that while many are coping today, they may not be financially secure tomorrow.

The findings reflect the real-life experiences of many Namibians, parents supporting both children and elderly relatives, young adults trying to build a future, and workers doing everything they can to stretch every dollar. The report gives a clear picture of what’s happening on the ground and what support is needed to help people move forward.

According to the report, 40% of working Namibians noted high levels of financial stress, while 52% believe that their financial situation will improve in the next six months. In addition, 66% now have credit cards, and 48% have personal loans, both up from last year; 50% said their income has not changed since 2023, and many are earning less than before.

Furthermore, 28% are juggling multiple jobs to make ends meet; 24% own or part-own a business, and one in five are saving to start one; 15% belong to a stokvel, and 18% invest in livestock; and only 22% feel confident about their retirement savings, although nearly half have not started saving yet.

Mignon du Preez, Public Affairs and Sustainability Executive at Old Mutual Namibia, said that “The determination and optimism of Namibians is inspiring. But we must help shift the focus from just coping today to planning for a better tomorrow. These insights help us create solutions that meet people where they are, whether they’re starting, raising families, or preparing for retirement.”

Sanja van den Berg, Old Mutual Namibia Group Customer Experience Manager, added that “This report reminds us that financial wellness is not just about numbers, it’s about people’s lives. It’s about helping Namibians feel more in control of their money, confident in their decisions, and hopeful about their future.”

To support this, Old Mutual Namibia offers free financial education to all Namibians through its On The Money programme. This initiative helps individuals understand how to manage their money better, make informed financial decisions, and build a foundation for long-term financial wellness.

Old Mutual affirms its commitment to helping Namibians build a stronger financial future, through practical advice, easy-to-use tools, and products that fit real-life needs, to help people move from just coping to truly thriving.