A new year gives you the perfect opportunity to start fresh and form habits that can improve your overall wellbeing. Achieving financial wellbeing is more than just managing your day-to-day finances to get by. It is about building resilience, setting and reaching long-term money goals, and enjoying the freedom that comes with added financial security.
The six behaviours that secure financial wellbeing include spending less than you earn, having sufficient savings or emergency funds, paying off property, investing for the long term, having essential insurance, and planning your finances. Discovery Bank combines behavioural science, such as nudges, gamified rewards, and data-driven insights, with itsshared-value bankingto help you manage money well.For example,Vitality Moneylinks rewards to your financial progress, motivating you to consistently meet your goals. Discovery Bank combines behavioural science, such as nudges, gamified rewards, and data-driven insights, with itsshared-value bankingto help you manage money well.
Here’s how it works and how Discovery Bank helps you to adopt them. Financial planning, which includes having a will in place, is key to long-term success and making smart financial decisions. Discovery Bank’s role:You can grow your financial knowledge by completingfinancial education courses with Worth.
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Discovery Bank also offers you tools and calculators to help you plan for retirement or budget better with theVitality Money Financial Analyser. In-app access to Estate Planning services also makes it easy to create a will. The result: You’ll be able to manage your money effectively, set and achieve your financial goals, prepare for unexpected expenses to reduce stress, avoid debt, and make decisions that support your long-term financial growth.
Discovery Bank’s research showed that 65% of people don’t know what they’ve spent during the previous month, and that more than half who think they know either overestimate or underestimate this amount. Around 86% of South Africans also spend more than they earn, relying on short-term credit to supplement income. This often leads to a vicious cycle of debt and financial stress.
Discovery Bank’s role:A key behaviour to avoid spending more than you earn is to have a set budget. TheVitality Money Financial Analyser was developed to help manage and track your spendingbetter. This in-app budgeting tool uses advanced analytics and data processing to give you a full picture of your finances, including income, savings and spending habits.
The result: Keeping track of spending helps you develop healthier money habits, spend more wisely, and stick to a budget. South Africa’s household savings rate is estimated to be0.5% of the GDP, one of the lowest globally. This means many do not have monetary buffers to manage unexpected expenses and are left vulnerable to financial stress.
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