Earned wage access is the concept that workers should be able to access a portion of their monthly salary before payday. Is it a good idea? What do you do if you have an unexpected expense during the month or find yourself a bit squeezed? In a...
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Absa launches Ultimate Banking for the middle-class segment
Absa has launched its Ultimate Banking proposition as a one-stop banking solution for its customers, at an attractive monthly fee. Absa customers currently using a Gold transactional account should consider switching to Absa’s recently launched...
SARS clarifies tax on two-pot withdrawals
Anyone who intends to withdraw from the savings pot of the two-pot retirement system from 1 September 2024 must be registered for tax. Those who are not registered must register before they apply to their relevant fund. If a person is not...
Listen: Understanding life cover
My biggest debit order after my mortgage, is for life cover. It’s a crucial part of my financial plan. In this sixth episode of the Santam Insure your Future Money Bootcamp, I’m joined by Mapalo Makhu and Johann Steyn, a certified financial planner...
Beware tax on withdrawals from your savings pot
Ahead of the implementation of the two-pot retirement system on 1 September, many people are surprised to discover how much tax they will pay on any withdrawal of funds from their new savings pot. Many are planning on withdrawing the once-off...
GEPF: Calculating your benefits under the two-pot system
This is the final video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here, the second video here, and the third video here. This video looks at the benefits you will get at retirement,...
Listen: How health screenings affect claims
In the latest episode of “Life Behind the Numbers”, a Discovery Life podcast series, I am joined by Discovery Life Deputy Chief Executive Gareth Friedlander and Chief Medical Officer Dr Maritha van der Walt, to discuss the significant impact that...
Rate cuts: What can we expect over the coming year?
Optimism for rate cuts varies between banks, but don’t expect a rate cut windfall. The aggressive rate increases since November 2021 have brought significant financial stress to consumers, especially those with large asset-based loans such as...
GEPF: How savings pot withdrawals affect your retirement
This is the third video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here and the second video here. This video and article look at things to consider before you withdraw your pension...
Listen: Smart strategies to manage your debt
Many South Africans are drowning in debt, with rising interest rates and inflation exacerbating the situation. If you are struggling to meet your debt repayments, we are here to offer practical solutions and insights to help you regain control of...
Previous Articles
Are women really better investors than men?
Paul Nixon, head of behavioural finance at Momentum Investments Group, looks at the question of whether women are better investors than men, through a behavioural finance lens. The renowned behavioural finance research duo, Barber and Odean, published a paper in 2001...
GEPF: What happens if you resign after 1 September 2024?
This is the second video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here. When the two-pot retirement system is introduced on 1 September, one-third of future pensionable service will be allocated to a...
The two-pot system will improve retirement outcomes
While there are many fears around the imminent introduction of the two-pot system for retirement funds, members of these funds will be significantly better off due to the changes. Firstly, you will have access to your retirement funds without having to resign. Many...
Understanding the two-pot retirement system for GEPF members
This is a four-part educational series on the two-pot retirement system for GEPF members. Over the next four weeks the various aspects of the two-pot retirement system will be unpacked, and members’ questions will be answered. On 1 September 2024 the so-called two-pot...
Listen: Using credit responsibly
This fourth episode of the Santam Insure your Future Money Bootcamp is all about using credit responsibly. It provides insights into budgeting, borrowing, and understanding the fine line between good and bad debt. I’m again joined by Mapalo Makhu as we offer a...
The dark world of insurance fraud
Murder for insurance is not that common, but insurance fraud comes in many different forms. Anyone who doubts that insurance companies pay out on death claims, should read Killer Cop, the Rosemary Ndlovu story. Over a period of six years, she had family members...
Are you paying advice fees but not getting ongoing financial advice?
If you have an investment policy or product, the adviser who sold you that product is most likely receiving ongoing advice fees or commission. These fees are deducted from your investment returns, and you should be receiving ongoing service from that adviser. Yet many...
Listen: The Dollar Life Plan: Diversifying with dollar-based life cover
While most of us are aware of the importance of diversifying our investments globally, we don’t often think about diversifying our risk cover. Taking out life cover in US dollars is one way to leave a legacy in a hard currency that should maintain its value. In the...
Savings pot withdrawal minimum may disappoint many
With less than two months to go before the new two-pot retirement system is implemented, you may be disappointed to realise you are unable to immediately withdraw money from your savings pot. Many employees are banking on being able to withdraw some money from their...
How does the interest-free period on your credit card work?
Most credit card companies try and hook you by saying that they give you 55 days interest free on your purchases. In fact, most credit card holders don’t get any interest-free period on their credit cards. This is because if you don’t pay your card in full on due...