South Africans Asked to Thrive by Elevating Balanced Living and Financial Prosperity

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South Africa
South Africa

The financial services landscape is in a constant state of flux as it continuously creates best suited solution for consumers in an evolving and unpredictable world. Unfortunately, as societal awareness of physical and mental wellbeing takes centre stage, financial service providers are unconsciously adding to this mental strain with their transactional approach to encouraging wellness and delivering rewards.

The latest State of Burnout report by Infinite Potential paints a dim picture for wellbeing: almost 40% of individuals worldwide are facing the reality of decreased life satisfaction and an increase in stress. What is even more concerning, is the steady increase in reported burnout globally every year. We find ourselves in the midst of a burnout pandemic, where the constant chase for success often results in compromised physical and mental health outcomes. Reframing the way we view success is the first step to achieving a sense of thriving.

The latest app-based innovation to come out of Momentum is taking the next steps towards harnessing the relationship between wellbeing and the pursuit of success, including better financial outcomes. It answers the questions: What does it mean to thrive? And how can we measure this?

Innovative Technology for Holistic Wellbeing

Thrive by Momentum™ is a ground-breaking self-discovery app slated for launch in January 2024. “We took cognisance of the reality of our times, and the relentless pressure to perform and chase success at all costs. As an organisation with heart, we strived to seamlessly combine innovation with tangible benefits for consumers and our business alike,” says Elaine Holmes, Executive Head, pioneering Thrive, Momentum’s latest digital innovation. “Through the app, we can empower users to thrive holistically and unlock a world of wellbeing that sustains their journey to success.”

Elaine says Thrive by Momentum stands as an example of fintech innovation, weaving cutting-edge technology and scientific prowess into every facet of its design. Utilising state-of-the-art algorithms, machine learning, and pioneering research methodologies, the app crafts a personalised “Thrive Score” for each user.

This score, akin to a digital fingerprint, offers a comprehensive assessment of wellbeing. This is based on the 8 dimensions of wellbeing which includes: emotional, physical, occupational, social, spiritual, intellectual, environmental, and financial. By applying different weightings to these dimensions as well as a range of other data sources, a score can be quantified.

“The Thrive Score evolves with users, continuously adapting as they engage with the app daily,” says Elaine. “It refines its accuracy, providing nuanced insights, actionable advice and fit-for-purpose recreational activities that enhance overall wellbeing. This enables users to shape their Thrive Score as they journey towards a balanced and fulfilling life.”

Unlocking a Wealth of Benefits
Elaine says Thrive by Momentum isn’t just about innovation; it’s about delivering tangible benefits to users and Momentum believes that these benefits will convert into the following:

· Enhanced Financial Wellbeing: A recent study published in The North American Journal of Economics and Finance has proven an inverse relationship between financial risk-taking characteristics and wellbeing. This means that thriving people tend to save more and readily embrace preservation products such as insurance, securing a financially stable future.

· Empowered Decision-Making: Thriving individuals are more capable of making informed, assertive decisions efficiently. Improved goal-setting behaviours, found to be associated with increased subjective wellbeing, extend to financial domains. This correlation fosters not only financial discipline but also facilitates career advancement and heightened productivity.

· Social Responsibility and Financial Planning: Based on published research into the concepts of happiness and wellbeing, a significant correlation exists between thriving and altruism. Individuals who use Thrive are expected, based on these findings, to demonstrate more positive actions such as establishing wills, charitable donations, creating family trusts, and ensuring financial protection for loved ones, including income protectors, life insurance, and disability cover.

· Longevity and Client Wellbeing: Thriving individuals experience decreased cortisol levels, translating into reduced stress, improved immune function, and increased life expectancy. These individuals are thus healthier, reducing the risk of claims. Continued adoption of the Thrive app could thus result in improved client satisfaction and deeper engagement with financial products and services.

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