IOL Money Mag July 2022 issue

IOL

MONEY July 2022

SAVINGS MONTH

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CONTENTS FEATURES Stick to your long-term financial goals

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How to not be a ‘financial nihilist’

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7 ways you can take control of your spending and saving

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Saving for your autumn years: why you can’t ignore it

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REGULARS Money Basics with Martin Hesse Saving and investing: where do I start?

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Fact File: Long-term returns against inflation

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Rands and Sense with Motshabi Nomvethe

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Important contacts & links

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FROM THE EDITOR He who buys what he does not need, steals from himself.

– SWEDISH PROVERB

@PERSONALFINANCE

CONTACT US PUBLISHER Vasantha Angamuthu vasantha@africannewsagency.com MONEY EDITOR Martin Hesse martin.hesse@inl.co.za DESIGN Mallory Munien mallory.munien@inl.co.za PRODUCTION Renata Ford renata.ford@inl.co.za BUSINESS DEVELOPMENT Keshni Odayan keshni.odayan@inl.co.za SALES Charl Reineke charl.reineke@inl.co.za INQUIRIES hello@africannewsagency.com

I LOVE the Allan Gray television ad about a working man sending money regularly home to his parents in a rural village, only to discover, on his father’s death, that his father had saved every cent for him.

In a similar vein I remember as a small child walking up the road with my mother to the local building society where she would deposit R5 a month towards my tertiary education. (That R5 would be worth at least R500 today, and a building society, if you are of a younger generation, which you probably are, was essentially a type of bank.)

The culture of spending cautiously and saving regularly, which was inbred in my parents and the folk of their generation, and which to me is so noble, has been overtaken by a world that is preoccupied with material things and living in the present.

Don’t misunderstand me: there’s nothing wrong with brushing aside your cares to enjoy life in the moment. But there is something wrong in being unprepared for what tomorrow may bring, especially if you have dependants.

The most effective thing you can do to prepare for tomorrow is to build up a financial reserve through saving regularly, as my parents’ generation did.

It’s not as onerous as you think. Start now, this Savings Month, by having a monthly debit order on your bank account. Very soon, you won’t be missing the money you’re putting away automatically.

And once put away and slowly growing, preferably in the appropriate savings or investment vehicle, don’t be tempted to dip into it. Pretend it doesn’t exist.

Martin Hesse

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STICK TO YOUR LONG-TERM FINANCIAL GOALS Times are tough, but it’s imperative that you don’t give up on your financial future, writes Itumeleng Monale, the chief operating officer at the Johannesburg Stock Exchange.

NATIONAL Savings Month comes at a time when the financial pinch is felt by everyone – likely more than ever before in our lifetimes.

The prices of fuel and food are soaring due to global inflation caused by Covid-19 economic stimulus packages, constrained global supply chains and the eruption of the Ukraine-Russia war. According to the South African Reserve Bank (SARB) forecast, fuel price inflation will be up 31.2% by the end of this year and food price inflation will climb to 6.6%.

In response, in a bid to tame inflation, the SARB is expected to continue hiking interest rates, raising the cost of debt such as credit cards and home loans. This double blow is putting a strain on consumers.

High inflation does not only

result in a rising cost of living, but it also eats into the buying power of consumers. The question then arises: how do consumers manage their money to achieve financial independence in the face of food price increases, whereby the prices of basic food items like bread, milk, flour, cooking oil, meat, mealie meal, and sugar keep on going up?

DON’T GIVE UP The rising cost of living has the potential of throwing personal financial plans for 2022 out of the window. During these tough economic times, it is important to remember the financial goals set at the start of this year. Given the changed situation, it may be necessary to make some adjustments but it is not the time to completely give up.

As always, consumers must get financial advice that addresses their needs in areas such as estate planning, tax planning, investment planning, retirement planning, life insurance, and short-term insurance.

Executed well, financial planning could lead to financial independence. Also, at times such as this, it is very important to review one’s needs and goals in order of priority. Balancing out savings and buffering yourself against a surprise event that could cripple you financially, is still critically important.

The Johannesburg Stock Exchange (JSE) has various financial planning initiatives such as the #JSESheInvests scheduled for 13 August, which is aimed at enhancing money management skills for women and the JSE

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all your living expenses and then become a financial strain on your family.

Moroka Modiba, an author and a financial adviser, says in his book, Think Yourself Rich: A Step-by-step Guide to Financial Independence, that his grandfather taught him that the most critical lesson in the process of attaining financial freedom is the importance of planning and then following up your plans with actions.

“So many people have dreams, but they do not want to take the time to design a proper plan to achieve them. And if they do manage to design those plans in most cases, they end up lying somewhere in a drawer or on the table, gathering dust,” he wrote.

STRIVE FOR FINANCIAL When times are difficult, INDEPENDENCE we also tend to desire shortWriting for Forbes magazine, term reprieve and want to spoil Erik Carter describes financial ourselves or “live for the moment” independence as a “state of being in which you don’t have to work to even more. It is so important to pay your living expenses. You may remember that spoiling yourself decide to retire, or you may choose excessively now may be robbing your future self of a more to work because you want to, not comfortable living. because you have to”.

Modiba’s grandfather, who was Is that not that a position we as wise as an owl when it came to would all like to be in? planning and managing finances, Also, you do not want to get to although he did not have any the end of your working life, after formal training, says that achieving years of toiling, only to find that financial independence is not you do not have enough to cover Investment Challenge, a youth development programme that teaches high school learners and higher education students the fundamentals of saving and investing.

Also, the JSE has a Virtual Trading Game, which is a virtual trading platform that simulates a real trading environment. It provides the public with a risk-free opportunity to practice trading shares, and presents an ideal learning opportunity.

The JSE regularly hosts the JSE Power Hours which are a series of free events open to the public to educate people about everything related to investing and trading.

a once-off event – the road to financial freedom requires constant assessing and nurturing.

As you strive on your journey to financial independence, you should be regularly assessing your financial situation, committing to living within your means, tracking your spending, and most importantly, getting rid of your debt.

However, one of the major impediments to financial planning and staying the course is that many people lack financial literacy, making the journey arduous and complicated. We at the JSE are committed to doing more in this regard, to help our citizens be able to make better personal financial choices through more financial literacy initiatives and information.

It is generally expected that the inflationary pressure will ease in the next 18 months.

In the meantime, we encourage consumers to find ways of first cutting unnecessary spending, avoiding taking out more debt to settle current debt, and ensuring that they stick to their budgets.

Delay dipping into the savings and investment account for as long as possible and make a mental commitment to stick to your longterm financial goals.

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HOW TO NOT BE A ‘FINANCIAL NIHILIST’ Are you disillusioned by the state of the world? Don’t throw in the towel when it comes to saving.

ACCORDING to an article recently published in The New York Times, there is a new phenomenon gaining momentum. Disillusioned by the current state of the upsidedown world, so-called “financial nihilists” – those who believe there is no point in investing

for tomorrow – are growing in number.

A recent study by Fidelity Investments found that 45% of people aged 18 to 35 are not actively saving. Of this group, 55% said they have put retirement planning on hold. Coming off the

back of the pandemic, individuals also cited concerns stemming from Russia’s invasion of Ukraine, political instability, soaring inflation, and global economic uncertainty.

“Covid-19 took so much away from us: travel, experiences

7 and being able to see friends and family. The pandemic made planning for the future seem like a futile task, with many preferring to ‘live in the moment’,” empathises Nomi Bodlani, head of direct clients at Allan Gray. “However, even while giving ourselves leeway to embrace the now, and even if we find ourselves questioning the concept of retirement, it is important to plan for a time when we won’t be able to earn an income.”

CURRENT TRENDS Bodlani adds that while the younger generation appears to be throwing in the towel when it comes to saving and investing, the lesson from the pandemic was just the opposite.

“The pandemic reinforced the importance of having a plan for emergencies and having investments built up to act as a buffer during difficult times. This is especially necessary in today’s uncertain world.”

Another trend noted in The New York Times is that the younger generation is giving up on the idea of ever retiring and instead channelling any accumulated investments towards passion projects.

Bodlani says while being a self-starter is something to be applauded, given that entrepreneurship is touted to be the answer to South Africa’s high youth unemployment rate, planning for when you are unable to work still needs to be accounted for.

“As South Africans are living longer, it is becoming more likely that young professionals may need to prepare to fund more than 30 years in retirement. For self-starters, it is worthwhile remembering that there are options that allow you to save towards your retirement and focus on getting your passion project off the ground.”

She adds that while you may not want to be tied down by the restrictions of retirement products, such as retirement annuities, you can look at other long-term products.

“A tax-free investment (TFI) is a good starting point – however, your contributions are limited and would not be enough on their own to see you through retirement.

With a TFI, you pay no tax on the interest, capital gains or dividends you earn, or on withdrawals. In addition, it is not as restrictive as a retirement product, and you can access your money if you really need to. But as with everything in life, there are advantages and disadvantages, and so it pays to do your research.”

PASSION PROJECTS Bodlani says there are important considerations to think about before dipping into your retirement investment to fund your business.

“You may be tempted to access your retirement investment when you leave your job. However, withdrawing your full retirement savings to fund your small business dream could set you back more than you think. Not only do you have to start saving again – but you also miss out on the power of compounding.

In addition, the later you delay saving for retirement, the more you have to put away down the line to catch up. Our research indicates that saving 17% of your salary is a reasonable starting point for the 25-year-old saver. This amount increases to 42% if you start at 40,” she explains, advising that if you have to dip into the retirement cookie jar, you should dip conservatively.

Bodlani says another drawback to following this route to fund your passion project is the tax implications. The South African Revenue Service has incentivised

preserving your retirement investment by allowing you R500 000 tax-free at retirement.

If you withdraw from a retirement fund before retirement age, only the first R25 000 is tax-free and you pay higher tax on the balance.

THE BIGGER PICTURE She says that if you find yourself abandoning the idea of investing in your future and giving in to the now, here are some pointers to make saving for retirement feel less like a sacrifice: ● Psychologically reframe the large amount you need for retirement: focus on a monthly amount that you are able to afford and commit to a regular debit order that escalates annually, which will help to make it feel more manageable. ● Reward yourself along the way: Include small rewards in your financial plan when you reach a particular investing goal, which will help you stay committed. ● Consider seeking outside help by seeing an independent financial adviser who can encourage you to remain committed to your financial goals.

“Remember that, the earlier you start saving for your retirement, the less you need to save from your current and future income,” Bodlani says. | Supplied

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SAVING AND INVESTING: WHERE DO I START?

MONEY BASICS

with MARTIN HESSE

IF you’re keen to start saving or investing you need to choose the right vehicle to do so. But first, we need to clear up some confusion surrounding these two terms.

Saving is the act of putting

away money – either a lump sum or, more practically, small amounts on a recurring basis – so as to accumulate an amount to be used in the future. Investing is "buying into" assets such as companies,

bonds or property that you believe have the potential to grow in value, thereby giving you a good return on your investment.

However, these two terms are often used interchangeably. For

9 example, we talk about retirement savings, when we really mean retirement investments. This is because saving is normally associated with short-term objectives, whereas investing (and this, in turn, should not be confused with trading or speculating) is a long-term endeavour.

The word "investing" is often a little intimidating for people who don't know much about the world of finance or who don't have a financial adviser to guide them. But while it's a good idea to be guided by a professional adviser, you can do it yourself, and it's easier than you think.

First, you need to clarify your financial objectives, which can be divided into short-term and long– term goals.

Short-term goals are things like buying a car, having a deposit to put down on a property, or going on an overseas holiday. Your time horizon should not be more than five years.

Long-term goals are things like having the money to put your child through university and, vitally, having enough money to live on when you are no longer able to work – in other words, your retirement nest egg. Your time horizon should be at least five years, preferably a lot longer.

SHORT-TERM SAVING For short-term saving you need a product, for want of a better word, that, unless you're putting away a lump sum, allows you to contribute regularly, perhaps monthly via a debit order on your bank account.

But it must also be relatively riskfree.

The banks are not very good at offering recurring-saving products, and on products such as notice deposits (you can withdraw your money after giving, for example, a month's notice), the interest rates are typically well below inflation.

Capitec offers a multiple-deposit fixed deposit over various time frames, with the interest rate rising according to the amount invested.

Once you get above R10 000, you begin to earn a decent, aboveinflation interest rate.

Money-market unit trust funds generally offer better rates than bank savings and they are far more flexible – you can contribute or withdraw money at your discretion. However, you would typically need a minimum lumpsum investment of R1 000 or a recurring investment of at least R500 a month.

An attractive alternative is National Treasury's recently launched RSA Retail Savings Bond that allows for multiple deposits.

You cannot withdraw in the first three years, but in return you get a good interest rate of about inflation plus 2.5%.

LONG-TERM INVESTING If you are saving specifically for retirement, you need to be in a product specifically designed for retirement savings, because you can claim your contributions as a tax deduction (see article on page 12). You can either contribute extra into your employer-linked pension fund or take out a retirement annuity (RA) that lets you invest in a selection of underlying unit trust investments. Unit-trust RAs are preferable to contractual life-insurance RAs because they are far more flexible, allowing you to increase or decrease your contributions at will.

If you are saving for some other goal, you need to consider what are known as discretionary investments.

These include unit trusts, exchange traded funds (ETFs), a share portfolio, and physical property. While the short-term risks on these investments can be high owing to market volatility, over

the long term you are likely to get higher returns than in a short-term interest-bearing account.

Unit trusts and ETFs are extremely easy to invest in, although, as with the moneymarket funds mentioned above, there are minimums on lump sums and recurring contributions. The asset management companies offering these products often enable you to invest directly via their websites. You need to choose one depending on your time horizon and appetite for risk, but for beginner investors a so-called "balanced" fund is the best way to go.

These funds have a large portion of their portfolios invested in shares (equities), but also diversify into bonds and listed property, so that you get a more even return than the more volatile returns of a pure equity fund.

It's important to note that there are no guaranteed returns in unit trusts and that past performance does not predict future performance. For an idea of the returns on these investments over long periods, see the table on page 14.

Tax-free investments lie somewhere between retirement and discretionary investments. They are designed for long-term saving to supplement your retirement nest egg, but can be used for other purposes. Both banks and asset managers offer them, and their underlying investments can range from bank deposits to unit trusts and ETFs. Currently you are allowed to invest a maximum of R36 000 a year, to a maximum lifetime contribution of R500 000. Within the investment, you are not taxed on interest, capital gains or dividends, as with a retirementfund investment. Discretionary investments are subject to these taxes.

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7 WAYS YOU CAN TAKE CONTROL OF YOUR SPENDING AND SAVING To mark Savings Month, Dhivana Rajgopaul picked up some tips from a financial planning expert on how to stick to your savings goals during tough economic times.

South African consumers are under massive financial pressure with high fuel prices and an increase in inflation. “We’re going through tough times, which may become tougher still,” warns Nico Burger, head of financial planning at NMG Benefits. “Eating into your savings today puts pressure on your savings for your future,” he says. Burger believes now is the time to put your spending habits under the microscope and “learn to spend even more wisely than before”. Here are seven tips from him on how you can save more and spend less.

1. TRACK YOUR SPENDING At the end of the month, go through each line item on your bank statement. Then calculate how much money you spent on your needs and wants. After a few months of looking at your bank

statements, you will be able to see where your money “leaks” are and then work to close them up.

“Spending more wisely could mean something as simple as ordering fewer take-aways and eating at home instead,” Burger says.

2. HAVE ‘COOL OFF’ PERIODS AND STICK TO THEM When you are thinking of buying something expensive, give yourself a period to think before purchasing the item. This will prevent you from making any compulsive purchases.

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3. DON’T LOWER THE AMOUNT YOU SAVE EACH MONTH The future is uncertain. Instead of eating into your savings, try to save more. “We’re in a period where saving and preserving our money is critical to our financial futures,” says Burger.

6. INVEST IN AN ECONOMICAL VEHICLE With the increase in the cost of petrol, it might be worthwhile to look into buying a more economical vehicle. You can save more because you will be spending less on petrol.

4. PRESERVE YOUR RETIREMENT SAVINGS WHEN CHANGING JOBS See your retirement savings as just that: savings for when you retire one day. Cashing out when you change jobs will only jeopardise your financial future. You will also lose out on compound interest, where you earn interest on your interest. Instead people should move their retirement fund from their old employer to the retirement fund with their new employer.

7. TALK TO A FINANCIAL ADVISER Speak to a trained and qualified financial adviser to support and guide in your journey of reaching your financial goals. “If you are consulting an accredited financial advisor, you won’t

5. CHALLENGE YOURSELF TO CUT YOUR LUXURY SPENDING Each person has their own weaknesses such as expensive jewellery or luxury holidays.

“Think about your weaknesses, challenge yourself to cut your spending on those items, and redirect that money to your emergency savings account,” Burger says.

make emotional decisions based on the instability that we are all facing today,” believes Burger.

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SAVING FOR YOUR AUTUMN YEARS: WHY YOU CAN’T IGNORE IT You can put it off only for so long – and the sooner you get started on your long-term savings journey, the less it will cost you and the more you will save.

By Martin Hesse THERE are many reasons why you need to start saving for retirement sooner rather than later.

The obvious one is that you have enough time to build a large–enough nest egg on which you can retire comfortably without having to depend on either your children or the government for a living.

But another is that you can take advantage of the

government’s tax breaks on retirement savings for that much longer.

Research by Liberty shows that many working South Africans only start to think about saving for retirement once they are over the age of 40, and are therefore not benefiting from the tax advantages that will help them build a substantial nest egg for their retirement. Contributing to a retirement fund allows you

to save a large chunk of your earnings tax-free every year.

You are entitled to claim a tax deduction for your contributions (subject to specified limits) and your money will grow tax-free in the retirement fund itself – in other words, it is not subject to normal taxes on an investment: tax on interest earned, capital gains tax and dividends tax.

As an example of how much you save in tax on your

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contributions, if you have taxable income of R500 000 a year and contribute R100 000 to a retirement fund, you're taxed only on R400 000. Using the current tax tables, assuming no other deductions, you would pay tax of R119 830 on R500 000 and R88 265 on R400 000, so you save R31 565 in tax. Or, looked at another way, of the R100 000 you save, only R68 435 comes out of your pocket.

When you retire, you are allowed to take one-third of your savings in cash - the other two-thirds must be used to “buy” a pension. On your cash lump sum, the first R500 000 is taxfree, with the balance taxed at a preferential rate. Then, your pension from the remaining two-thirds will be taxed as income, but you will be paying lower income tax for a number of reasons: you’re likely to be earning less than when you were working; you have higher rebates from age 65; and you can claim

more for medical expenses from 65.

Retirement savings vehicles If you are not contributing to a retirement fund linked to your employer – or even if you are – you may consider saving in a retirement annuity fund (RA).

These are attractive because they are portable (not tied to an employer), have no contribution limits, and your retirement benefits can be accessed from the age of 55. Although RAs remain one of the popular options, Liberty’s research found that at least 59% of South Africans perceive RAs as expensive.

"Having a comfortable retirement or being in a position to live life the way you want at a certain age should rate as an important life goal. But somehow many South Africans are not ‘getting’ this until they are older," says Nosipho Nhleko, lead specialist, investment propositions

at Liberty.

Only 31% of people between 30 and 35 have established a proper retirement savings plan, according to Liberty’s research findings conducted in an effort to understand retirement trends from an insurer perspective. By the ages of 45-49 this figure jumps from 31% to 63%. So South Africans become financially wiser as they get older, but it also indicates that too many South Africans are setting up their savings plan too late.

"The fact is, the earlier you start saving, the easier it is and the more you can put away for a comfortable retirement.

Every circumstance is different, and partnering with a financial adviser is the best way to plan your personal financial journey.

The sooner you start, the better.

You may well be saving yourself quite a bit of money in the longterm if you start early, while securing the life to which you aspire," says Nhleko.

FACT FILE

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LONG-TERM RETURNS AGAINST INFLATION THE table below shows the average annual returns after costs of unit trust funds in popular unit trust categories against Consumer Price Index inflation over 10, 15 and 20 years to the end of March 2022. The categories are arranged from high risk to low risk, and the table shows that, with the exception of global equity over 20 years, increased risk equates to higher long-term returns. Note that the table is for illustrative purposes only, and that past performance is not an indication of future performance. Data provided by ProfileData.

UNIT TRUST CATEGORY

10 years

15 years

20 years

Global Equity: These are rand-denominated funds that invest outside SA in offshore stock markets, primarily those of developed countries such as the US.

14.88%

9.44%

7.73%

SA General Equity: These funds invest primarily in listed shares on the JSE.

9.58%

8.50%

13.31%

SA Multi-Asset High Equity: These funds diversify across asset classes, but can invest up to 75% of the portfolio in equities. They are widely known as “balanced funds”.

8.78%

8.18%

11.93%

SA Interest-Bearing Variable Term: These funds invest mainly in long-term government and corporate bonds and are widely referred to as “bond funds”.

7.72%

8.31%

9.50%

SA Money Market: These funds invest in low-risk cash instruments and are more suitable for short-term savings.

6.00%

6.93%

7.23%

CPI inflation

5.00%

5.70%

5.50%

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Rands and Sense

FINANCIAL LITERACY NEEDED TO NAVIGATE BUMPY ROAD AHEAD

Motshabi Nomvethe

THE economic road ahead is, by all accounts, likely to be bumpy, prolonging the financial distress caused by the Covid-19 pandemic and further exacerbated by the knock-on effects of the Russia-Ukraine conflict.

Both inflation and interest rates are rising, increasing the cost of most basics such as food, transport, housing and debt. Most households are worried about their finances and some may decide to abandon their new year financial goals.

Adjusting finances because of changed circumstances can be knotty, because many people do not have a basic financial education. The Southern Africa Labour and Development Research Unit estimates that only 41% of the population is financially literate. Consequently, given the constrained financial situation, it may be tempting for small businesses and households to stop their short-term business insurance or life insurance cover.

For those who give in to this enticement there is an increased likelihood of financial ruin.

In the 2021 PPS Graduate Professional Index, a survey completed by 3 264 members of the Professional Provident Society (PPS), a key finding was that most professionals have no financial plans.

The survey results also show that 12% of professionals have no type of financial planning in place because they used up spare funds they had available during the pandemic. Their primary and current focus is on surviving.

If you are feeling overwhelmed, confused or uncertain about your finances, the first thing to do is to adjust your budget to suit your changed circumstances and to get in touch with a financial adviser.

Another recent survey conducted by PPS, the 2021 PPS Student Confidence Index, showed that 88% of the survey participants would feel very confident about handling their finances if they had received financial education at school. It also showed that 67% of the 3 304 participants would consult a financial adviser.

So, approaching an expert financial adviser may not be a bad option as, borne out of the fact that, in the same survey, most of the respondents did not fully understand their finances. Only 41% felt comfortable with savings or investing and 42% said they had an average understanding of insurance.

The students who participated are undergraduates and postgraduates studying at a public university or university of technology and studying towards a profession-specific degree, such as engineering, medicine, law or accounting. They responded to the survey through online questionnaires and virtual focus groups.

Nomvethe is head of technical marketing at PPS, a financial services provider that caters exclusively for graduate professionals.

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INFORMATION click on the links to visit the website

Here are sources that can help you with financial education, give you more information on savings and investments, and afford you recourse if you have a consumer complaint or a complaint against a financial services provider

FINANCIAL EDUCATION Financial Sector Conduct Authority MyMoney Learning Series https://www.fscamymoney.co.za South African Savings Institute #WaysToSave https://waystosave.co.za/ OMBUDSMAN & REGULATORS Ombudsman for Banking Services ShareCall: 0860 800 900 or phone: 011 712 1800 Email: info@obssa.co.za www.obssa.co.za CONSUMER ISSUES National Consumer Commission Toll-free: 0860 003 600 or phone: 012 428 7000 Email: complaints@thencc.org.za www.thencc.gov.za Consumer Goods and Services Ombud ShareCall: 0860 000 272 Email: info@cgso.org.za www.cgso.org.za

FINANCIAL ADVICE Ombud for Financial Services Providers phone: 012 470 9080 or 012 762 5000 Email: info@faisombud.co.za www.faisombud.co.za INVESTMENTS Financial Sector Conduct Authority ShareCall 0800 110 443 or 0800 202 087 info@fsca.co.za www.fsca.co.za LIFE INSURANCE Ombudsman for Long-term Insurance ShareCall 0860 103 236 or phone: 021 657 5000 Email: info@ombud.co.za www.ombud.co.za MEDICAL SCHEMES Council for Medical Schemes MaxiCall: 0861 123 267 Email: complaints@medicalschemes.com or information@medicalschemes.com www.medicalschemes.com

Credit Ombud MaxiCall: 0861 662 837 or phone: 011 781 6431 Email: ombud@creditombud.org.za www.creditombud.org.za

RETIREMENT FUNDS Pension Funds Adjudicator ShareCall: 0860 662 837 or phone: 012 346 1738 Email: enquiries@pfa.org.za www.pfa.org.za

National Credit Regulator ShareCall: 0860 627 627 or phone: 011 554 2600 Email: complaints@ncr.org.za or (debt counselling) dccomplaints@ncr.org.za www.ncr.org.za

SHORT-TERM INSURANCE Ombudsman for Short-term Insurance ShareCall 0860 726 890 or phone: 011 726 8900 Email: info@osti.co.za www.osti.co.za

TAX Tax Ombud ShareCall: 0800 662 837 or phone: 012 431 9105 Email: complaints@taxombud.gov.za www.taxombud.gov.za PROFESSIONAL ORGANISATIONS Fiduciary Institute of Southern Africa (FISA) phone: 082 449 2569 Email: secretariat@fisa.net.za www.fisa.net.za Financial Planning Institute of South Africa (FPI) Phone: 011 470 6000 Email: info@fpi.co.za www.fpi.co.za South African Institute of Tax Professionals (SAIT) Phone: 012 941 0400 Email: info@thesait.org.za www.thesait.org.za FINANCIAL DATA ◆For ◆ the latest financial market indicators, go to https://www.iol.co.za/businessreport/market-indicators ◆For ◆ the latest quarterly unit trust performance, go to https://www.iol.co.za/ personal-finance/collective-investments ◆To ◆ look up performance of a particular unit trust fund go to https://www.iol.co.za/ personal-finance/fund-look-up