Today, Old Mutual Namibia hosted a Media Masterclass in Windhoek, bringing together journalists and media professionals to strengthen financial reporting and storytelling skills. The session was designed to equip media partners with practical tools to better inform and educate the public on financial matters.

The day featured a masterclass on financial reporting by renowned journalist Lazarus Amukeshe, certified financial education training through Old Mutual’s On The Money programme, and an exclusive deep dive into the 2024 Old Mutual Financial Services Monitor (OMFSM). The Monitor served as a real-world case study, demonstrating how data can be translated into meaningful stories that reflect the lived experiences of everyday Namibians.

The 2024 Old Mutual Financial Services Monitor (OMFSM) reveals 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, shows that people are adapting in creative ways, but often at the cost of their long-term financial security.

Namibians are showing incredible resilience. From taking on side jobs and starting small businesses to saving through stokvels and investing in livestock, people are finding ways to make ends meet. These efforts reflect a strong spirit of determination and adaptability. However, the report also shows that more people are turning to debt to cover basic needs, and fewer are able to 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.

Key findings include:

• 52% of working Namibians say they feel financially stressed.
• 66% now have credit cards, and 48% have personal loans, both up from last year.
• 50% say their income hasn’t changed since 2023, and many are earning less than before.
• 28% are juggling multiple jobs to make ends meet.
• 24% own or part-own a business, and 1 in 5 are saving to start one.
• 15% belong to a stokvel, and 18% invest in livestock, both numbers are growing.
• Only 22% feel confident about their retirement savings, and nearly half haven’t started saving yet.

These numbers show that while Namibians are doing what they can, many are under pressure. People are putting off big expenses, dipping into savings, or borrowing from friends and family just to get through the month. And while there’s a strong desire to save, the reality is that many simply don’t have enough left over after covering basic needs.

Mignon du Preez, Public Affairs and Sustainability Executive at Old Mutual Namibia, says 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 out, raising families, or preparing for retirement.”

Sanja van den Berg, Old Mutual Namibia Group Customer Experience Manager, adds 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. Whether you're just starting out or planning for retirement, On The Money provides practical tools and guidance to help you take control of your financial journey.

Old Mutual Namibia is committed to helping Namibians build a stronger financial future. That means offering practical advice, easy-to-use tools, and products that fit real-life needs. Whether it’s saving for a child’s education, planning for retirement, or managing debt, the goal is to help people move from just coping to truly thriving.