Vitality Money also encourages making additional payments on home loans – these payments shorten the repayment period and help to save on interest costs. By managing short-term debt well, it alleviates financial stress and leads to less default on payments. There are eight million more credit-active consumers than employed people in South Africa. Despite tougher affordability requirements and consumer education, credit use is still growing faster than employment. South Africans are more likely to borrow money than many other middle-income countries. With Discovery Bank, you can increase the interest you earn on savings by improving your financial behaviours. By adopting the habit to save, we prepare ourselves for unexpected expenses, loss of income or high-cost purchases like a property. ![]() In South Africa, 40% of all people save, but we generally save too little at a rate of 0.3% of disposable income. Less than 20% of breadwinners have enough of a financial buffer or an emergency fund to cover unexpected expenses. Addressing any of these behaviours is a great way to start the journey to improving your financial health. The Vitality Money programme is based on sound research and looks at the controllable behaviours that are not dependent on income alone, which have a direct effect on financial wellness, now and over time. Financial health is not dependent on monthly incomeĪlthough a higher income can provide more room to save and prepare for a financially healthy future, sometimes those with smaller incomes are actually more financially secure and in control. Not a Discovery Bank client, but curious about what your financial health and what your Vitality Money status would be? No problem, anyone can use the calculator. Clients are then rewarded based on their Vitality Money status, among other factors, to promote good financial behaviour. By completing it, you will have a better idea of the positive behaviours you already have that are leading to a strong financial future, and what you need to focus on to become financially heathier.įor clients of Discovery Bank, their Vitality Money status gives them a good indication of their financial health, and the Discovery Bank app guides them on ways to improve it. The Vitality Money status calculator gives you a snapshot of what your Vitality Money status would be. The Vitality Money assessment forms part of Discovery Bank’s behaviour-change programme, Vitality Money, and provides you with a Vitality Money status. How do we do this? Start with the Vitality Money status calculator. Despite this uncertainty, it’s possible to take on good financial behaviours now that will help us achieve our best possible future financial health. ![]() ![]() With the national budget under the spotlight, there are definite factors that could impact your income and ways you spend or save.
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