South Africans are some of the worst savers in the world. Household debt averages about 75% of after-tax income. The challenge was to establish awareness of the importance of saving during National Savings Month (July).
Through the use of online banking and easy access to credit, we’ve become completely disconnected from our money. This makes it easy to spend - and to spend money we don't have. It leads to a false sense of how much we actually have, and we therefore spend more and save less. Would we reconnect with our money again if we could touch it, feel it and see it right in front of us 24 hours a day? Along with our partners in the King James Group, we created the One Rand Man - a social experiment in which a man received his entire salary in R1 coins during National Savings Month (July). He was disconnected from all his online banking and overdraft facilities, and his credit cards. He had to pay all his expenses and utilities, plus live his life paying everything by hand, in R1 coins.