Tag: emergency savings

South Africa’s tough economic conditions have left many consumers struggling to build emergency cash savings. According to our data, more than half (52%) of entry level private banking clients have less than one month of their salary saved in immediately accessible cash savings available, to use in the event of unforeseen circumstances such as retrenchments or urgent medical procedures.

Conversations around black tax – the obligation placed on those who achieve a degree of financial success to provide for their extended families and communities – need to be centred around families rather than individuals. Frank conversations that involve clearly communicated boundaries are imperative to dealing with the emotional aspects of money management.

Receiving a bonus is an exciting event and a time for celebration to recognise the hard work you put in throughout the year. Bonuses also provide us with an opportunity to achieve our financial goals. When we think about spending the money, we need to do so responsibly.

Interest rates have gone up several times in the last few months in South Africa, and it looks like they will keep rising for the foreseeable future. So, this begs the question: what are interest rates, why are they rising, and how do they affect you?

A need for flexibility at work, employee benefits, the effects of the great resignation on organisations, the increased role of technology and a shift to a gig economy are some of the trends that were discussed at our Corporate’s Partnership Connect 2022 event in Rosebank.

The currently considered two-pot system to restructure retirement savings to allow for limited pre-retirement withdrawal will encourage the preservation and accumulation of sufficient funds for when people retire.

On the back of COVID-19, and the widespread financial difficulties that many people experienced as a result of two years of lockdowns, some South African employees opted to resign from their jobs in order to access their retirement savings. 

The National Budget Speech is here, and South Africans are ready to face the reality of increased costs across the board. Rising fuel prices, growing inflation, increased interest rates and the inevitable surge in food prices all seek to cripple household finances.

The stock market can be volatile, but it’s a market that many people will delve into at some point in their lives whether directly buying shares or through their employer retirement saving fund. I believe that investments should form a core part of any financial planning, even during uncertain times.