Hugh Hacking, head of Retirement Fund Solutions at Old Mutual Corporate, says the initiative formed part of a drive by Old Mutual Corporate to highlight the low savings culture in South Africa. "It is very clear from the results of our Retirement Monitor this year that there is a very low level of savings in South Africa. By asking delegates at the IRF to donate a small amount of money to this cause we were able to demonstrate the large impact that a small saving can make," he says.
Hacking says the donation will go a long way to improving the lives of the scholars. "Many children walk to school with no shoes. We often overlook certain basic necessities in life and we believe that the school shoes, particularly in the wet and cold weather, will make a difference in the lives of these children."
