Planning Topics
LOAN defaults have decreased for young South Africans, despite access to them still being a hurdle, according to Experian’s Consumer Default Index (CDIx) for the first quarter of 2024.According to the (CDIx) for Q1 2024, there is a complex picture for young South Africans, highlighting the need for…
This is the second article in a nine-part series that summarises findings from Just Retirement Insights 2024, a tracking study conducted by retirement income specialist, Just SA.Four out of 10 people aren’t setting goals for retirementConfidence in your skills and abilities to plan for retirement…
By: Velmah NzembelaSouth Africa's long-term insurance sector is experiencing significant transformations driven by various trends. The trends are shaping the future of long-term insurance in the country, influencing product offerings, consumer behaviour, regulatory frameworks and industry dynamics…
By Stacy RouchosOne might recall last year, in an effort to avoid being grey listed by the Financial Action Task Force (FATF), South Africa made significant legislative changes. One major legislative change was the amendment of the Trust Property Control Act, aimed at combating, inter alia,…
Young drivers tend to be more confident than older drivers, particularly when it comes to taking risks on the road. This could include drinking alcohol and driving or travelling in an uninsured vehicle. Car insurance may not be favoured by some younger drivers, but life can be unpredictable, no…
South Africa’s Information Regulator recently revealed that it receives more than 150 monthly data breach notifications – a considerable increase from last year’s average of 56.Hackers are doing the country’s already battling economy no favours: the 2023 Cost of a Data Breach Report, produced by…
There is enormous potential to release back into the economy more of the R2,5 trillion in outstanding personal debt that South Africans owe.According to the National Debt Counsellors’ Association (NDCA), around R70 - R100 billion of this outstanding debt belongs to consumers who are in debt…
1Life Insurance launched the 2024 generational wealth youth survey, which confirms that youth in South Africa are far from achieving financial freedom and building wealth - placing them at a tremendous disadvantage.Youth unemployment in South Africa currently sits at, 45,5% according to Stats SA,…
By: Vis Govender In recent years, our world has been battered by an onslaught of extreme weather events, leaving businesses reeling in their wake. Hurricanes, wildfires, and floods have become disturbingly routine occurrences, driven in part by the rising threat of climate change. Just recently,…
By: Samantha DrakeMedical aids may not always fully cover in-hospital tariffs, leaving South Africans to pay the difference from their pocket. Although gap cover can help provide financial protection against tariffs not covered by medical aid, Sanlam estimates that less than 10% of South Africans…
By: Ester Ochse and Samukelo ZwaneSouth Africa’s new two-pot retirement system was signed into law by President Cyril Ramaphosa on June 1, 2024. A statement by the Presidency said the Revenue Laws Amendment Bill of 2023, which established a two-pot system, gave members access to retirement savings…
By André DanielsSars has intensified its efforts to enforce tax compliance by issuing criminal summons against directors of companies who have failed to submit their income tax returns. This move is part of Sars’ broader strategy to combat tax evasion and ensure that all corporate entities, and…
Woolworths invests R2 million in young entrepreneursIn celebration of Youth Month last year, Woolworths announced that it launched its Youth-Makers competition to help young entrepreneurs take their businesses to the next level.To celebrate this year’s Youth Month, the group will unveil the winners…
South Africa is poised to embrace the Two-Pot Retirement System, the most extensive changes in retirement legislation since the annuitisation of provident funds in 2017 known as T-Day, according to Blessing Utete, Managing Executive of Old Mutual Corporate Consultants.Feedback gathered by Old…
By: Sylvester MokubediAs we celebrate Youth Month this year, 30 years after the birth of democracy in South Africa, it is a poignant time to recognise how far we’ve come and where we need to go to uphold the freedom and potential of the youth of South Africa.On paper, the numbers don’t look good.…
This youth month, the FSCA is warning the youth about the dangers of gambling which can turn into an addiction and has catastrophic ripple effects on families due to financial losses.The South African betting industry, encompassing sports betting and online casinos, has seen its revenue increase…
A total of 67% of sickness and disability income claims were paid to clients under 45, this is according to the latest Sanlam claim statistics for 2023.According to the financial services group, this highlights a significant trend in the needs of younger clients.The group said in 2023, Sanlam paid…
By: David ThomsonSOUTH Africa is seeing a decline in ‘I do’s and a rise in ‘I don’ts’. Statistics South Africa’s 2022 report shows civil marriages decreased by nearly 30% between 2013 and 2022, while divorces increased by almost 11% just between 2021 and 2022. Estate planning and keeping your will…
IN A SONG by Adele, Someone like you, there are some well-known lyrics: “I hate to turn up out of the blue, uninvited.” The song goes on to say, “and that you’d be reminded that for me, it isn’t over.” Commentators and political parties were surprised, mostly unpleasantly, by the record-breaking…
By Kelin Pottier and Brett McKayIn the savings and investment space, most attention is given to retirement. Rightly so too. If you’re going to maintain your standard of living for two, three, or even four decades after you stop working, you need to have as much money saved up as possible.…