Savings & Investments

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Mind games – Why we can’t save

22 July 2016

July is savings month and if statistics are anything to go by, most people mutter “savings, what savings?” when they see messages espousing the merits of feeding a piggy bank. There is a collective feeling of guilt when you talk to South Africans about their savings plans. They know they need to save, or save more- but despite the best of intentions, a health nest egg eludes them.

Boost your money lingo this savings month

21 July 2016

Have a haircut every six weeks and you’ll be well groomed. Give your money a haircut every six weeks and you’ll be broke pretty quickly.

The state of savings in South Africa

21 July 2016

In 1994, with much fanfare and great excitement, South Africa held its first truly democratic elections. The affectionately named ‘Rainbow Nation’ was born, so named for its rich mix of different ethnic groups, languages and cultures. The last remaining international sanctions were lifted and the future seemed rosy. With political liberation, came financial liberation and millions of people previously marginalised, suddenly had almost unlimited access to finance in the formal sector. Financial liberation soon became a double-edged sword. Instead of overall financial wellness and stability increasing, credit quickly became viewed as an alternate source of income with no heed being given to saving. Dissaving became the norm and national and personal debt levels rose dramatically. The average household currently owes 78% of each unit of currency earned. Unemployment is at an all-time high and the nation is labouring under the strain of poverty with large portions of the population surviving hand-to-mouth on social grants. Welfare has become one of the government’s fastest growing expenses.