Retirement / Savings & Investments

Avoid making early withdrawals from investment policies

Financially stressed South Africans might be thinking about taking cash out of their endowment policies – this is an investment policy taken with an insurer where you commit to saving regularly over a specified term, to be able to obtain a lump sum amount on policy maturity or to provide for beneficiaries when the life insured passes.

Help me to help you… Get to grips with your client’s money mindset

A large proportion of South African households are under significant pressure despite aggregate incomes recovering to pre-pandemic levels. The jobs and income trends that have exhibited over the past year suggest that people who have formal employment can get back to their 2019 spending habits, whereas those in the growing cohort of unemployed are struggling. “There were close to a million fewer jobs in the formal sector in Q1 2021 compared to Q1 2020, which speaks to increased inequality,” said Isaac Odendaal, Investment Strategist at Old Mutual Wealth. He supplied the macroeconomic backdrop during the 2021 Old Mutual Savings and Investment Monitor (OMSIM) survey launch.

Top tips to save yourself by saving your money

Finding the ‘why’ behind your money and why you should save

Saving is an afterthought for the majority of South Africans – because, for many battling unemployment or the effects of the pandemic and struggling to make ends meet, it is simply out of reach.