Sanlam’s One Rand Family experiment teaches financial lessons
We loved being involved in the One Rand Family social experiment in July. The Sanlam campaign, conceptualised by the King James Group of companies, saw a Gauteng family living only on R1 coins for an entire month. This meant no credit cards, not debit orders, no bank notes. The family went on a ‘rollercoaster’ ride as they paid for everything from their tax to their car payments from ‘skhaf’tins’ of R1 coins.
The experiment formed part of Sanlam’s National Savings Month activities and aimed to investigate whether the physical handling of money would alter typical money behaviours. It was based on the premise that using credit cards and ‘invisible’ money causes a big disconnect between people and their earnings.
Their month had highs – learning to enjoy the free things in life like a day in the park – and lows – forgetting a car payment. But mostly, it was a month full of valuable money lessons. The family closed July off far more honest with each other about their spending and mom Londi cut up her credit cards after having seen how much she was paying interest.
And we loved going along for the ride. From weekly deadlines, to handling dozens of weekly media queries and chatting to myriad experts for their insights, it was a crazy fun month. Mostly, we are hopeful that the experiences of the One Rand Family may have a positive impact on South Africans who are struggling with issues such as debt, overspending and lack of savings.
Follow the whole adventure here.