Old Mutual Rewards Programme

The Old Mutual Rewards Programme was one of the first large-scale attempts in South Africa to use behavioural science as the foundation of a financial wellness intervention. Traditional economic models assume people make rational choices, yet evidence shows financial stress, lack of savings, and high debt often drive irrational decision-making. By integrating behavioural insights into the programme’s design, Old Mutual shifted away from abstract financial education towards a system of nudges, incentives, and tiered rewards that actively support better everyday decisions.

Our team played an instrumental role in shaping the behavioural framework behind the programme. The approach encouraged members to build financial capability through small, consistent actions – completing online courses, using calculators, or engaging with advice tools – all linked to tangible rewards. This not only increased engagement but also created a positive feedback loop, where each action reinforced motivation to take the next step. Within just 18 months, Old Mutual Rewards demonstrated measurable success, particularly among low-income earners and women, proving that an incentive-based, behaviourally informed programme can meaningfully reduce financial stress and improve long-term financial outcomes.