SAVINGS MONTH FEATURE
31 July 2020
Get money smart with #waystosave July Savings Month webinars
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uly is Savings Month in South launch webinar featuring awardAfrica, and this year the focus is winning personal finance journalist firmly on finding #waystosave and and author Maya Fisher-French; adapting financial plans as we face financial journalist, speaker and the challenges 2020 brings. The South entrepreneur Arabile Gumede; CEO African Savings Institute (SASI), in of Just One Lap and host of the Fat association with Absa, will focus on Wallet podcast, Kirstia van Heerden; financial education throughout July, medical practitioner, broadcaster and bringing together financial experts to social activist Dr. Sindi van Zyl and provide tangible insights on savings Group Head of Wellness at Absa Dr in the #waystosave Webinar Series. Lesego Rametsi. #waystosave is an initiative of the SASI Chairperson Prem Govender South African Savings Institute (SASI) says, “As we deal with the impact in association with Absa. of COVID-19, we need to be well The pandemic has pivoted many equipped to make decisions such into digital communications, and as taking payment holidays or SASI is no exception. SASI acting accessing savings. Now more than CEO Gerald Mwandiambira says, ever, we need to focus closely on our “We’re focused on finances and get expert building a savings advice.” Govender NOW MORE THAN culture in South cites Wave 2 of the Africa and we’re EVER, WE NEED TO Statistics SA surveys, excited to be able which indicates that FOCUS CLOSELY ON respondents are to reach large audiences through OUR FINANCES AND increasingly accessing this free webinar GET EXPERT ADVICE savings due to reduced series as we share income as a result of knowledge from South Africa’s lockdowns. While more than half of leading personal finance experts to respondents said that their income help people make smarter money has stayed the same since the national choices. The environment is very lockdown started, 25,8% reported a challenging at the moment, and we’re decrease in their income, mostly due addressing relevant and topical issues to business closures. 75% of those including rebuilding your finances with reduced incomes have reduced post COVID-19, bouncing back from their spending to compensate, and retrenchment and saving through half accessed savings to close the stokvels. We invite people to come on income gap. While 14,6% used this journey with us and tackle money UIF claims, one in three relied on challenges, head-on.” extended family members, friends The #waystosave website includes and/or their communities for support. a full online learning platform which The Financial Stability Review will launch as the webinars progress published in May by the SA during July, including challenge quiz Reserve Bank says that household formats. Those who register and finances remain under pressure, complete the challenges could win in line with challenging R10 000 in a tax free savings account. economic and employment Cash is also up for grabs during the conditions. Credit extension webinars and a total of R20 000 will be given away, with several awards of Prem Govender, R1 000 in each webinar set to boost Chairperson, SASI the savings of those who participate. and Gerald Hosted by SASI acting CEO and Mwandiambira, Acting CEO, SASI personal finance author Gerald Mwandiambira and SASI Chairperson Prem Govender, the webinars kick off on 8 July at 19h00 with the
to households increased faster than disposable income in 2019, reflecting a trend change. This increase in lending and how households are using more of their disposable income to service debt are key concerns for the savings rate. The composition of household debt has also moved increasingly towards higher-cost forms of financing. “Households are spending the highest amount of their disposable income on servicing debt since 2016,” says Govender. “In our increasingly tough economic environment we need to find ways to avoid the credit trap. We must fundamentally stop living beyond our means and drive a savings culture to break the cycle of intergenerational debt.” Thami Cele, Head of Saving and Investments at Everyday Banking, Absa Retail and Business Banking, says that while saving in the current environment may seem very challenging, it’s important to have a holistic understanding of your financial situation and focus on what you can do. “It’s time to arm yourself with the knowledge to access tools and make sound saving and investment decisions.
South African
Savings Institute The #waystosave approach is designed to last beyond July Savings Month and will help people to access the expertise and help they need to get on a solid financial footing and prosper.” Mwandiambira, SASI acting CEO, says it’s important for South Africans to look towards developing innovative savings alternatives and reinforcing positive savings behaviour. “Cultivating a culture of savings and promoting alternative savings solutions in all spheres remains the focus of SASI and our dedicated partners. Let’s find our #waystosave – it’s never too early to start.”
#waystosave BUILDING FINANCIAL RESILIENCE
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