Personal finance - Moola Matters
Personal finance is simplified with The Citizen. Get an expert opinion on consumer issues, finance, work, and small business.
How consumers shopped on Black Friday
Welcome to Moola Matters with Ina. This year's Black Friday weekend was expected to bring in record sales and consumers did not disappoint: the highest single transaction reflected on digital payment platform Ozow’s dashboard amounted to an eye watering R818 000. According to Payfast's Black Friday data, one shopper paid…
Black Friday: To buy and what to buy
The latest Debt Rescue survey reveals how financially distressed most South African consumers are, with a staggering 70% of them saying this Black Friday they will focus on hunting for deals that will put more food on the table and help them to stock up on necessities such as toiletries,…
HOW TO HANDLE THE INCREASING COST OF LIVING
The cost of living in South Africa is high and so many consumers are struggling to make ends meet. Food prices are soaring. Housing costs are escalating. We are paying more for water and electricity. Then we still have to pay for education and healthcare, but our salaries do not…
Buying all your insurance online
Insurance has become a hot topic over the past few years. During the pandemic consumers saw how important it was to have life insurance, medical insurance and funeral insurance for yourself and for businesses, to have business interruption insurance to cover the time businesses had to close due to the…
Talking about financial security across generations
Welcome to Moola Matters with Ina. It can still be a challenge for many South African families to talk about wealth and securing it across generations. International research suggests that family wealth rarely lasts more than three generations for the simple reason that families do not talk about money or…
South Africa’s debt dilemma
South Africa is in a debt dilemma due to poor economic management that burdened the economy with seemingly unending challenges: power shortages, transport bottlenecks, political uncertainty, stagnation in growth, high unemployment rates, under-investment, overspending and lack of fiscal consolidation. The result has been escalating debt levels. South Africa’s debt burden…
How to be money smart and save
South Africans do not have a great savings reputation, but maybe we can save more if we understand how to go about it and draw up a savings plan. The latest survey by Debt Rescue reveals that not being able to put money away at the end of each month…
How couples can talk about money and retirement
Money can cause a lot of problems in a relationship, but couples can learn to talk about money. The findings of the Momentum Unisa Household Financial Wellness Index for 2022 show that couples are more inclined than other household types to set financial goals. In contrast, single adults with minor…
Why women struggle to retire as early or securely as men
In South Africa, the gender pension gap stands at 26%, reflecting the disparity in retirement income between men and women. Less women are employed than men and women are more likely to work part-time and earn less. According to a recent Sanlam survey, 48% of women say that they are…
Unretirement: why are older people returning to work?
Older people are returning to work these days. Is it because we live longer than ever before and enjoy a better quality of life or is this new workplace trend a sign that people did not save enough to retire comfortably? Less than 10% of South Africans have enough money…
How to get out of the debt trap
The latest survey by Debt Rescue reveals that not being able to put money away at the end of each month is the biggest concern weighing on the minds of South Africans, with a massive 67% of people citing this as their biggest challenge when it comes to saving although…
How to protect yourself from fraud
South Africans are facing an increasingly risk-based landscape when it comes to fraud. Research by the Southern African Fraud Prevention Service shows that identity theft has grown by more than 300% between 2021 and 2022, while cases involving money mules increased by 97% since 2021. In 2021, money-muling only comprised…
Is our youth financially literate?
Recent studies highlight that South African third-year students, especially women and black youth, have low levels of basic financial education. The Financial Sector Conduct Authority's 2022 survey also indicated a predicted 75% household debt-to-income ratio in South Africa by year-end. This means that consumers will use 75% of their income…
How to save on your insurance premiums
National Savings Month is here, but so is the increased cost of living. With inflation soaring and food and petrol prices going through the roof, it’s tough just trying to get through the month, let alone have money to save. Insurance premiums are often one of the first items consumers…
Why retirement savings are important
According to the FNB Retirement Insights Survey, the first retirement research of its kind conducted in South Africa, an alarming 89% of participants plan to continue working or work part-time due to a lack of retirement savings. While 74% of respondents claim they have a plan in place to help…
How to budget and avoid financial collapse
We all talk about budgeting and cutting our budgets in difficult economic times, but do we really know how to budget? Budgeting is the best way to control your spending and reach your financial goals and it can save you from financial collapse in the difficult financial times we live…
A Living annuity you cannot live on
One of our readers, who is 82, wrote to us with an interesting question. About 25 years ago he took out 2 living annuity policies which at the time seemed like a good idea. He says they were never told they will never have access to it other than the…
Watch out for these scams if you have money to invest
As the economy struggles, many consumers are retrenched and some have been lucky enough to get retrenchment packages. Some consumers who are fortunate enough to have a nest egg saved up are looking for ways to make their money grow faster. Now everyone wants to give them advice on how…
Can you return goods you do not like?
Can you return goods you do not like? This is a question consumers often ask when they hear about the section in the Consumer Protection Act that says you can return goods and get your money back. However, it is not that simple. The fact that you do not like…
When can you claim your money back?
Did you know that you cannot always claim your money back when you return something you bought? The Consumer Protection Act determines when you can claim a full refund and when you cannot. Listen to Ina Opperman unpack the provisions of the Act to learn when you can insist on…