How often do you get to the middle of the month and stress over whether the money in your bank account will stretch until payday? You are not alone: according to the 2017 Old Mutual Savings & Investment Monitor, 52% of working households in South African metropolitan areas said their income has not covered their living costs at least once in the past year.
Add to this unexpected expenses, such as car repairs or medical costs, and it’s not surprising that most South Africans are feeling financially frazzled.
While challenging economic conditions are a major factor, it’s undeniable that a lack of careful long-term financial planning exacerbates the situation.
According to Lizl Budhram, the head of advice at Old Mutual Personal Finance, only 13% of metropolitan employed South Africans have a relationship with a financial adviser. “Initiatives like Financial Planning Week are trying to change this. Many South Africans continue to suffer as a result of poor financial management, yet resist seeking help from a professional.”
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