In this issue
Intestate is too late!
– Gareth van Deventer
Understanding death benefits for retirement products – Rita Cool
Guard your identity, secure your future - Buhle Nxumalo
The quiet power of patience – Jaco Prinsloo
Dos and don’ts for the silly season - Buhle Nxumalo
The early bird investor retires well – Gareth van Deventer
Ten travel tips for peace of mind
– Rita Cool
Unplug to recharge: A digital detox
Mosaic Podcast / Radio Interview series
Economic and market update
Free Gift: Smart money children’s book
Hello Everyone
Just like that, we find ourselves at the close of yet another demanding year.
2025 was filled with local and global turmoil, torment and challenges mostly due to the Trump effect and international tensions, but now it’s time to focus on the much-anticipated festive season.
This bumper edition of our newsletter is packed with expert tips, guidance and actions to ensure peace of mind while on holiday.
Beyond growing your investments, we’re passionate about protecting your loved ones. We highlight the importance of a valid will to ensure your wishes are honoured and your minor children’s inheritance stays out of state control. We also offer guidance on how beneficiaries inherit from retirement products and share tips to help safeguard your personal information from scammers.
Before packing those suitcases and venturing out, look at our ten travel tips for stress-free travel.
Now is the best time to top up your retirement annuities and tax-free saving accounts, in case you over-spend in December and miss out on potential tax savings in February. The ‘early bird’ investor retires well because their investments are always top of mind — even while splashing out on a holiday.
We highlight that, despite the current low-inflation environment, staying patient and investing consistently can lead to long-term success — and we remind you to take a digital detox while you can.
What would the festive season be without gifts?
Download our free children’s book, Smart Money Moves for the Save Squad, for kids and adults to learn smart money habits.
We wish you and your loved ones a peaceful festive season and prosperous 2026.
Head: Retail Solutions
Rita Cool
Intestate is too late
By Gareth van Deventer CFP® Retail Best Practice Specialist
Working a lifetime to get ahead and create a better life for your loved ones is noble — the stuff of which legends and legacies are made. Hard work, late nights and years of sacrifice often form the foundation on which wealth is built. But without a proper will, a lifetime of effort can easily be undone or, even worse, your assets could end up in the wrong hands.
If you die without a valid will to guide what happens to your money and possessions, your estate will go through a long, complicated process known as intestate succession. Despite the formal name, this process can create serious problems that may prevent your wishes from being carried out and cause stress for your loved ones.
The main issue with intestate succession is that it follows fixed rules set out in the Intestate Succession Act, which cannot be changed — even if they don’t fit your personal situation.
Your marriage arrangement (the way you are legally married) determines which assets belong to you and which belong to your spouse when one of you dies or if you divorce.
If you were married in community of property, all your and your spouse’s assets and debts are shared equally, and your will covers your half of the combined estate. If you die without a will, your half will be distributed according to the intestate rules, which can cause problems. In marriages governed by an antenuptial contract, the estate is not automatically split equally.
How intestate succession works
If you have a spouse and children:
The estate is divided between them. The spouse receives a “child’s share”, meaning the estate is split equally between the spouse and each surviving child. If the estate is small, the spouse’s share is at least R250 000 unless the total estate is worth less than that.
If you have no children: The spouse inherits everything.
If you have no spouse:
The estate goes to your children. If a child has died, their share passes to their children (your grandchildren).
If you have no spouse or children: The estate goes to your parents.
Example:
If you have no parents:
The estate goes to your brothers and sisters. If they have passed away, their children (your nieces and nephews) inherit.
If none of the above relatives exist: The estate may go to more distant relatives (such as cousins or grandparents).
If no relatives can be found: The estate is handed over to the state.
Based on these rules, it’s easy to see how dying without a will (intestate) can lead to unintended consequences. For example, your spouse may not automatically inherit everything and your grownup children can still inherit.
If your estate is worth R2 million and you have three children, your spouse would receive R500 000 and each child R500 000. But what happens if the children want their money in cash and the main asset is the family home? Where will the cash come from to pay them? Will the house have to be sold — and where will your spouse live? This could leave them destitute as your spouse has effectively lost control over R 1 500 000 in assets that could provide for their upkeep.
If you have grandchildren from a deceased child, they will inherit directly. If they are minors, their inheritance will end up in the Guardian’s fund and might be managed by a guardian who may not handle the money responsibly. A testamentary trust, created through a will, can protect these funds until your grandchildren are old enough to manage them.
You might also want to leave something to a close friend or someone who made a positive difference in your life. Without a will, they cannot inherit anything under intestate succession. In fact, all your hard-earned assets could end up with distant relatives or even the state.
Family members you barely know could inherit, and disputes or missing heirs can delay the process. Another important consideration is how minor children will be taken care of if you and your spouse
pass away together, without a valid will. The absence of a nominated guardian often leaves the courts to decide who will care for minor children. This can lead to delays, uncertainty, and emotional distress for the children and remaining family. If you die intestate the impact on your minor children could be devasting.
Since minor children lack the legal capacity to manage their own affairs, a guardian plays a vital role in safeguarding their wellbeing, managing their financial affairs (indirectly your money) and making legal decisions on their behalf.
To avoid complications such as their inheritance being placed in the state-run Guardian’s Fund, which can have poor returns and slow administration, parents are encouraged to set up a testamentary trust in their will.
Having a valid will helps you:
• Ensure your wishes are followed
• Protect your minor children
• Prevent family conflict or disputes
• Speed up estate administration
• Appoint a guardian
• Provide for loved ones with special needs
• Appoint a trusted executor
• Avoid government control over your assets
When you die intestate, it is too late to control the transfer of your wealth the way you want. Drafting a valid will is a simple yet often underrated exercise that not only protects your assets but also ensures your loved ones are suitably provided for.
You worked hard for everything you have — don’t leave your legacy to chance. Make sure you have a valid will in place before it’s too late. Speak to your adviser to help you set up a will.
Understanding death benefits for retirement products
By Rita Cool CFP® Head of Retail Solutions Best Practice at Alexforbes
Have you ever wondered what happens to your retirement savings when you pass away? These funds do not simply disappear; they provide vital financial support to your loved ones. How they are distributed depends on the type of retirement product you have. Pension and provident funds, retirement annuities, preservation funds and living annuities all work differently when it comes to death benefits.
Living annuities: Quick and predictable
A living annuity pays you an income from your retirement savings after you retire. You decide how much to draw each year (between 2.5% and 17.5% of your investment value). It is an insurance product, regulated by the Long-Term Insurance Act and the Income Tax Act.
When you pass away, the beneficiaries named in your annuity contract receive the remaining investment.
• You can update your beneficiaries at any time. If you do not, for example after a divorce, the listed beneficiary will still receive the benefit. The insurer cannot change your choice.
• If no beneficiaries are named, the benefit is paid into your estate, after tax.
• Living annuities are not governed by Section 37C of the Pension Funds Act, which means trustees are not involved. This makes the process quicker and more predictable, as beneficiaries do not need to wait for your estate to be finalised.
Retirement funds: The trustees’ role
Retirement funds, such as employer pension and provident funds, preservation funds and retirement annuities, work differently. These savings are governed by Section 37C of the Pension Funds Act. This law requires trustees to decide how your money is shared after you pass away.
The purpose of this process is to protect your dependants, but it also means your wishes are not automatically binding. For example, if you listed an exspouse on your nomination form but no longer support them, the trustees may decide not to allocate benefits to them.
How it works
• You should complete a beneficiary nomination form, which guides the trustees but is not binding.
• You can list dependants and nominate others who are not financially dependent on you.
• Retirement funds do not form part of your estate and cannot be distributed in your will.
• Your nomination form is not a substitute for a will. You still need a valid will to distribute your other assets. Without one, the Intestate Succession Act will apply, which may not reflect your wishes.
• Some funds offer an ‘Infund’ Living Annuity. Because these funds remain within the retirement fund, the trustees still use Section 37C to decide on the distribution.
What trustees consider
Trustees must identify and assess all potential beneficiaries before finalising any payments. They look at factors such as:
• financial dependency, relationships and ages of beneficiaries
• people you support financially, even if you do not see them as dependants
• second families, even if not legally recognised or previously known
• adult children, who count as dependants but may not necessarily receive a share
Trustees aim for fair distribution, which may not match your nomination form exactly. For instance, even if you nominate your spouse as the sole beneficiary, trustees may allocate a portion to your minor children. In such cases, children’s benefits are usually paid (after tax) into a beneficiary fund or trust. This ensures money is available for day-to-day expenses and protected until they reach adulthood.
The process can take time, sometimes up to a year, as trustees must investigate and confirm all dependants before making a final decision. No payments are made until the process is complete.
Options for beneficiaries
Whether benefits come from a living annuity or a retirement fund, beneficiaries can choose how to receive their share:
• As a cash payment (after tax),
• By transferring it into their own annuity (with no tax deducted upfront), or
• Through a combination of both.
This flexibility allows beneficiaries to structure their inheritance in line with their financial needs.
Any cash taken is taxed in the deceased’s name, based on the retirement lump-sum tax tables (not income tax rates). Tax is applied proportionally to each beneficiary’s cash share.
Understanding the rules that apply to different products helps families prepare, manage expectations and make informed decisions.
To protect your loved ones:
• Keep all beneficiary nomination forms up to date.
• Use the correct format required by your annuity provider.
• Review beneficiaries after major life changes such as marriage, divorce or the birth of children.
• Maintain a valid will to cover your other assets.
This ensures that your family is not left uncertain or financially vulnerable at an already difficult time. Speak to a financial adviser for guidance and to help structure your estate in a way that provides the best support for your beneficiaries.
Guard your identity, secure your future
By Buhle Nxumalo CFP® Financial adviser at Alexforbes
In today’s digital age, protecting your personal and financial data is crucial. Scams like phishing, vishing (voicemails trying to get information) and ATM fraud are common in South Africa, and can lead to serious financial and emotional harm. Staying safe requires awareness, vigilance and the smart use of security tools.
What is fraud and identity theft?
The financial impact
Fraud uses deception to steal your money or assets through fake emails, credit card misuse or false investment offers. Identity theft goes further, using stolen personal info to impersonate you, open accounts, drain funds and damage your credit.
The effects of identity theft can be severe and far-reaching. Identity theft can seriously damage your credit and finances. Recovering lost funds and restoring your records often takes time, money and effort. A poor credit report may even affect loan approvals or job prospects.
Warning signs to watch for
There are several red flags that may indicate fraudulent activity. Be alert if you notice unexpected charges or withdrawals, bills or statements you don’t recognise, calls from debt collectors about unfamiliar accounts, sudden drops in your credit score or notifications about failed login attempts and password resets.
How to protect yourself
Strengthen your digital security.
Use strong, unique passwords and store them with a password manager. Enable multi-factor authentication on key accounts. Keep devices updated and avoid public Wi-Fi for financial tasks. Use a VPN for added security on shared networks
Be aware of online scams.
Scammers often lure people online with promises of love or friendship. Those who live alone or spend a lot of time online can be more vulnerable to fraud. If someone showers you with affection online, but avoids meeting in person, it’s a red flag. “Guaranteed returns” or “secret tips” are bait, not opportunities. Real investing takes time and transparency. Online scams are organised crime, using fake platforms and apps to steal your money and data. Think before you trust.
Be cautious of phishing attempts.
Your bank will never ask for your PIN or password via email, SMS or in a call. Delete suspicious messages and avoid clicking unknown links. Scammers often use urgency or fear to trick you—end the interaction and contact your bank directly if you are unsure. Much of your information is already online, so be cautious about sharing more, even if the person seems to know you. When promised returns seem to be too good to be true is probably is and could be a scam. Be cautious and don’t let fear or greed make a financial decision for you.
Monitor your finances closely.
Set up bank alerts for instant activity notifications and review statements regularly to catch unauthorised charges. Use your free annual credit report to check for unfamiliar accounts. If your ID is lost or stolen, register with SAFPS for Protective Registration to flag your name and help prevent fraud—note that extra documentation may be needed for future applications you want to do.
Protect your physical information.
Secure important documents like your ID or bank statements and shred documents containing personal information before discarding. Shield your PIN at ATMs and avoid help from strangers. Stay alert to where your phone or wallet is, credit cards can be cloned in seconds using skimmers or NFC (near-field communication) while still in your pocket.
Remove delivery labels before recycling packaging. If you use Tap and Pay, enable a PIN and set payment limits to reduce potential losses. Always verify banking details before paying into new accounts—even trusted sources can be compromised. Confirm the details via a reliable second channel before acting on payment instructions.
What to do if you’re a victim
Stay vigilant, stay protected
If you suspect fraud or identity theft, act immediately. Contact your bank and financial institutions to report the suspicious activity and block any affected accounts. File a report with the South African Police Service (SAPS) and obtain a case number, which you’ll need when dealing with banks and credit providers. Notify credit bureaus about the fraudulent activity and request that they flag your profile. Contact SAFPS to assist in listing the incident and preventing further misuse of your identity. Acting quickly can significantly reduce the damage.
Fraud and identity theft can cause emotional stress, anxiety and a sense of violation. Even cautious individuals can fall victim to sophisticated scams. The key is to stay aware, be cautious and monitor your financial information regularly. Review your accounts monthly, use strong passwords, keep devices updated and be sceptical of unsolicited messages or calls.
Protecting what you’ve earned
In the digital age, financial wellness means not just saving or investing wisely but also protecting what you’ve earned. Cybersecurity and identity protection should be part of your financial plan—alongside budgeting, insurance and retirement. Simple habits and staying alert can safeguard your money, credit and peace of mind.
The quiet power of patience: Why low inflation feels so unfair
By Jaco Prinsloo CFP® Senior financial planning consultant at Alexforbes
Long-term success lies in patience, consistency and resisting the noise.
If you can stay invested when markets feel dull, keep saving when rates fall and remain calm when returns slow – you’ll build lasting wealth.
A South African story about inflation, investing and learning to sit still in a fast-paced world.
In a small Free State town, a retired school principal, Mr Mokoena, quietly built a financial legacy that few saw coming. Living on a modest government salary, driving a 15-year-old Toyota Corolla and enjoying his daily tea with condensed milk, his lifestyle reflected simplicity rather than wealth.
Yet, upon his passing, his estate totalled over R6 million – accumulated not through windfalls or highrisk speculation, but through decades of disciplined investing, compound interest and an ability to tune out market noise.
He stayed the course through rand volatility, junk status downgrades and load shedding anxiety – never deviating, never chasing headlines. He understood, perhaps instinctively, what many investors forget: money favours the patient. But patience isn’t always easy. It’s not during market crashes or recessions that it’s tested the most – it’s when everything slows down.
And today, with South African inflation hovering at 3% – the lowest in years – we’re entering a period where returns, wages and growth are all moderating. This slower pace may be good for the economy, but it challenges the way people feel about their finances.
Below, we explore some behavioural and practical effects of this low-inflation, low-return environment.
Debt isn’t shrinking itself anymore
Historically, inflation helped borrowers. Take someone who bought a home in 2004 for R500 000. With inflation averaging 6% annually, their salary likely doubled within a decade, while the bond instalment remained fixed – making repayments feel lighter over time.
This is because inflation, by raising nominal incomes, slowly eroded the real value of debt.
In 2025, with inflation at 3% and the repo rate at 6.75%, South Africa faces one of the highest real interest rate periods in recent memory. With the prime rate at 10.25%, debt remains expensive.
Implications for consumers:
• Home loan repayments remain high.
• Credit card interest rates, often exceeding 20%, are unyielding.
• Bond instalments no longer benefit from inflation’s quiet erosion.
The inflation ‘discount’ on debt is gone. Repayments now demand active budgeting –not just time.
In this environment, debt becomes less forgiving and more persistent, requiring renewed attention and structured repayment planning.
Saving feels less rewarding
Lower inflation brings lower interest rates –good for borrowers but difficult for savers.
Consider a retiree in Durban North who earned 7% interest on a money market fund last year. This year, they earn closer to 5.5%. This decline, though partially offset by reduced inflation, still feels like a step backwards.
Savers and conservative investors will notice:
• savings accounts and fixed deposits offer reduced returns
• money market returns may barely match inflation
• real income from interest drops – even if purchasing power remains stable
This reflects a common behavioural pattern: we perceive reductions in income more acutely than equivalent gains in purchasing power.
The solution? Reframe expectations. Understand that savings accounts are designed to preserve capital, not grow it. Investment, not interest, is still the key to long-term growth.
Investment returns look sleepy
Many portfolios – from JSE equities to global ETFs and balanced funds – delivered double-digit returns during high-inflation periods.
Today, those same portfolios may return between 6% and 8%. Is this underperformance? Not necessarily. If inflation drops from 6% to 3%, a 9% return still yields a 6% real return – a healthy outcome.
The issue lies in perception. Investors see nominal returns, not real ones. Lower figures – even when inflation-adjusted – can feel disappointing.
Why that raise feels smaller than it should
Wage growth has slowed alongside inflation. Even if you receive an annual increase of 4% to 5%, which is still above current inflation, it can feel underwhelming.
The psychology is straightforward:
• If you were used to 8% annual raises, a 5% increase feels like stagnation.
• Bond payments and food prices haven’t dropped proportionately.
• Even if your real income improves, the emotional impact may be flat.
In this climate, relying on an inflation-driven salary growth is no longer viable.
Instead, workers should:
• invest in upskilling and professional development
• consider supplementary income streams
• automate savings early to preserve momentum
Real wage growth now requires active input –not passive inflationary uplift.
In South Africa, where investors often compare today’s performance to last year’s returns, the temptation to chase higher numbers can lead to short-term thinking.
The key takeaway: returns haven’t deteriorated – the context has changed. Recalibrating expectations and sticking to a sound long-term strategy is more important now than ever.
What to do in a low-inflation, lowreturn world?
The answer lies in Mr Mokoena’s story. Stay disciplined. Stay invested. Embrace the slow seasons.
An 8% return in a 3% inflation world is more valuable than 12% in a 9% one.
This quieter period is not a time to chase yield, panic over ‘underperformance,’ or make impulsive changes to your portfolio. It’s a time to focus, rebalance and maintain perspective. While market headlines fade, compound interest continues – silently but surely – building wealth for those with patience.
South Africa is entering a more stable and predictable economic cycle. It may not be dramatic. It may not trend on social media. But predictability is fertile ground for long-term growth.
If you can stay patient while others grow restless, stay focused while others are distracted and remain invested even when markets feel ‘boring,’ you will position yourself for meaningful long-term gains.
One day, someone may look at your portfolio and ask how you built it. And, like Mr Mokoena, you’ll have a simple answer: slowly, quietly, one good decision at a time.
Dos and don’ts for the silly season
By Buhle Nxumalo CFP® Financial adviser at Alexforbes
With the festive break just around the corner, it is time to set your out-of-office messages, close your laptop and embrace some well-deserved relaxation.
This is a season for spending time with loved ones and treating yourself for the year’s hard work. But don’t let all the holiday indulgence come at a hefty price. Here’s how to avoid the dreaded ‘Januworry’ slump that often follows the December holidays.
The temptation to splurge
It is easy to get carried away during the festive season. Traditionally known for reckless December spending, this habit now starts as early as November with the rise of “Black Friday” and “Black November” promotions. Retailers have extended these discount periods, enticing consumers to spend over several weeks rather than just one day.
The convenience of online shopping exacerbates this, making it easier to overspend without even leaving home. Inflation remains the top concern for 75% of South Africans, with many turning to credit to maintain their lifestyle.
Unfortunately, this reliance on credit has led to a growing debt crisis. One sixth of South Africans— roughly 10 million people—are three months or more behind on debt repayments or facing legal action. Despite these financial pressures, the appetite for debt continues to rise, particularly during the festive period, commonly referred to as the “silly season.” After a demanding year, many feel the need to splurge, often beyond their means, to reward themselves.
Planning ahead: Budgeting for the festive season
The tradition of receiving a year-end bonus or “thirteenth cheque” is becoming less common. Therefore, setting aside savings throughout the year is essential. A practical approach is to budget a portion of your monthly income specifically for festive expenses. If self-discipline is challenging, many employers offer payroll deductions that can build up a festive savings pot by year-end.
Be cautious of creditors offering a “payment holiday” in December. While it might seem like a relief, it often extends the loan term and increases the total interest payable. Instead, plan your January budget before your December salary arrives. Prioritise essential expenses such as rent or bond payments, groceries, school fees, utility bills and municipal rates. Any remaining funds can then be allocated to festive spending.
A crucial distinction to make is between wants and needs. Asking yourself whether a purchase is necessary can prevent impulsive spending. Additionally, comparing prices between stores and sticking to a shopping list can help keep your spending in check.
If you are hosting festive gatherings, consider a “bringand-share” approach. Asking guests to contribute a dish or drink can ease the financial burden, ensuring everyone enjoys the festivities without overspending.
Using your bonus wisely
If you are fortunate enough to receive a bonus or have accessed savings through the two-pot retirement system, consider using these funds to reduce debt. High-interest debts, such as credit cards or short-term loans, should be prioritised. Paying off or reducing these debts can free up disposable income and provide a buffer for unforeseen emergencies.
A lump sum payment towards your bond can also significantly shorten its term and reduce the overall interest paid. For extra discipline, transfer unused funds into a separate account, such as a notice account, to avoid the temptation of overspending. Keeping these funds out of sight can help you manage your budget more effectively.
Investing in your future
With interest rates gradually declining, any savings from reduced debt repayments should ideally be redirected towards paying off debt faster rather than spent frivolously. Alternatively, consider investing your bonus in a tax-free savings account (TFSA) or retirement fund.
Contributions to pension, provident and retirement annuity funds are tax-deductible up to 27.5% of your taxable income, capped at R350 000 per year. If you have already reached your annual limit, excess contributions roll over to the following tax year, offering future tax benefits.
You can also invest up to R36 000 annually in a TFSA, with a lifetime limit of R500 000. The growth on TFSAs is exempt from tax on dividends, interest and capital gains, making them a smart choice for long-term savings.
Final thoughts: A financially sound start to the New Year
By following some of the guidance above, seeking professional financial advice where needed and reflecting on your personal financial circumstances, you can navigate the festive season without falling into debt. Entering the new year with a clear financial plan and reduced debt can provide peace of mind and set you up for a prosperous 2026.
Here’s to a joyful and financially secure festive season!
The early bird investor retires well
By Gareth van Deventer CFP®
Retail Best Practice Specialist
Have you ever wondered where the proverb “the early bird catches the worm” originated? It dates to at least the 17th century and the earliest recorded use in print is from John Ray’s collection of English proverbs published in 1670.
The proverb draws its lesson from nature, as birds that wake up early are more likely to find worms to eat. Metaphorically, it suggests that people who start their tasks early are more likely to succeed or benefit. This proverb is used in everyday life to encourage punctuality, initiative and preparedness and this should also be the principle upon which to build any successful investment plan.
As we prepare for the festive season, the last thing on our minds might be our long-term finances. The beach, the road trip, ice cream and spoils are the only things we care for after this year. However, our finances should still be front of mind, especially when the temptation to overspend and “buy now pay later” can cause irreparable damage.
The proverb reminds us that acting early can benefit us in the long term. Two investments that benefit from acting sooner are retirement annuities (RA) and TaxFree Savings Accounts (TFSA). December and January are usually the most financially constrained months of the year because of overspending, causing investors to be out of pocket when they want to make use of the tax saving opportunities before financial year end in February.
So before taking your well-deserved break, top up your RAs and TFSAs to benefit from long-term wealth creation. You can contribute up to R36 000 in total to TFSAs every year. You can also get the tax back on contributions up to 27.5% of your taxable income, with a maximum of R350 000 every tax year when you contribute to pension funds, provident funds or retirement annuities.
The other benefit is that the sooner you invest the more you benefit from compound interest. Contributions made towards the TFSA at the beginning of the tax year compound more than contributions made at the end of the tax year. Even a regular contribution will add value over time. Benefit from this free boost to your savings by contributing as soon as you can.
RAs and TFSAs work well in combination as they both give you tax-free investment returns and can benefit your long-term goals. The TFSA can create a source of future tax-free income that is accessible whenever you need it. The RA gives you tax back from the South African Revenue Service (SARS) each year and is made for long-term savings. You can even use this tax refund to fund next year’s holidays.
Forming a habit of investing before spending can be more important than the actual amount invested. The early bird catches the worm and the early investor reaps long-term financial rewards.
Ten travel tips for peace of mind
By Rita Cool CFP® Head of Retail Solutions Best Practice at Alexforbes
The end of the year is around the corner, and as you daydream about your summer holiday, take some time to ensure your personal affairs are in order before packing your suitcase and hitting the road.
Life happens and nasty things don’t always respect our holiday time, but if you are prepared there is no reason to worry. Here are ten travel tips to help you with some peace of mind:
Do you have adequate life and disability cover? 1
There is still time to get covered if needed. You can also take out accidental life and lump-sum disability cover without doing medicals. Be sure you are aware of any policy exclusions on payouts for accidents, such as driving under the influence of alcohol or drugs.
Is your will in order? 2
It is especially important to have a valid will in place if you have minor children so that their assets are not put into the Guardian’s fund. Your financial adviser can help you draw one up.
Is your life file up to date? 3
This is a file (or place) where you should keep things like your marriage certificate, your will, your house bond details, places where you have your investments, as well as any other important documents. Include all your life policies and information that will assist your family in the event of your death in this file. Make sure someone you trust knows exactly where to find this important file.
Click here to download your life file checklist
Is your car insurance up to date? 4
Save the contact details for your insurance company on your phone and elsewhere so that you know who to contact in case of an emergency.
Do you have roadside assistance or other contingency plans? 5
Know who and how to contact your roadside assistance service provider or any other parties on standby to support you when necessary.
Do you have access to pick-up services? 6
If you are planning to let your hair down and party hard, check if your insurance policy includes pick-up services to help you get home safely. If not, include these services in your festive budget.
Are you relying on your phone for details of a contact person and your medical aid? 7
Although our whole lives are on our phones, it could be difficult for people to assist you at an accident scene if you can’t talk and all your information is on your phone. At a minimum, have your medical aid and a contact person’s details readily available. Your medical aid can help determine which hospital you end up in, information that could save your life.
Keep something similar with important numbers in the car itself in case your wallet or cellphone gets lost in the accident.
Do your children know who to contact to assist them if something happens to you? 8
This is important if they are old enough to remember names and numbers. Make sure they have the contact details and back up numbers readily available.
Does your financial institution know if you are travelling internationally?
This way, you can avoid having your cards cancelled for suspected fraud. Pre-load foreign currency on a card with favourable exchange rates or you will pay on your credit card and get fluctuating rates.
Have you switched off all geysers, water and gas lines to avoid any nasty surprises if things go wrong while away? There is nothing worse than coming home to a burst geyser or a freezer full of rotten food with the associated inconvenience and cost. Make sure your home is secure. Is your home locked-down and safe? 10
Being certain that your affairs are in order before departure allows you a stress-free and relaxing holiday which we know you so richly deserve.
Unplug to recharge: A digital detox
Let me guess, you’re reading this on a screen between back-to-back Teams meetings, half-checking your inbox and half-checking your WhatsApp. Your shoulders are tense, your eyes are tired and your mental battery is blinking red.
Welcome to the 21st-century paradox: we’re constantly ‘logged-on’ but not always present. In an age of constant connection, where the lines between work and rest have blurred, digital fatigue has quietly set in. The solution? A digital detox—a deliberate step back from screens to reclaim your mental clarity, focus and energy. And no, it’s not just for social mediaobsessed teens. High-performing professionals are just as much at risk.
Why?
Here’s what the research says:
Cognitive overload is real. A 2021 study found that excessive screen time fragments attention and impairs working memory. Our brains aren’t meant to switch between Teams, Outlook and Word every seven seconds.
Sleep suffers. Blue light disrupts production of melatonin — the hormone that regulates our body’s sleep-wake cycle. Research has found that screen use within 30 minutes of bedtime significantly reduces sleep quality and total sleep time.
Social media fuels anxiety. There is a proven link between high social media use and increased symptoms of anxiety and depression.
And yet, despite mounting evidence of its addictive nature and negative impact on wellbeing, digital technology remains deeply ingrained in both our work and personal lives. The average adult now spends over seven hours per day on screen—nearly four and a half hours of that on smartphones alone.
The constant stream of digital engagement—through social media platforms and virtual work environments— triggers dopamine, the brain’s ‘reward’ chemical. Every like, comment or notification reinforces the habit, making it harder to disconnect.
Enter the digital detox.
It’s about being intentional—taking proactive steps to manage digital consumption and significantly improve wellbeing.
Here are five practical tips for a refreshing digital detox:
1
Set screen-free boundaries
Make your bedroom, dining table and even your bathroom screen-free sanctuaries. Establish ‘tech-free’ times—like the first hour of your morning, during lunch or after a set evening cut-off.
2
Protect your body
Try the 20-20-20 rule: for every 20 minutes of screen time, look 20 feet away for 20 seconds. This helps reduce digital eye strain and mental fatigue.
Take regular breaks from your phone. Overuse can lead to ‘text neck’ and ‘smartphone thumb’. Hold your phone at eye level to prevent inflammation, muscle strain and headaches. Switch up how you type—using different fingers helps avoid repetitive strain.
3
Let smart tech help you unplug
Yes, technology can help you curb tech overuse. Apps like ‘Forest’ reward you for staying off your phone (by growing a virtual tree), while ‘Freedom’ blocks distracting sites and apps—even across multiple devices. These tools act like digital accountability partners, helping you reclaim your time—not just your tech.
4
Schedule a ‘scroll sabbath’
Pick one day a week to unplug completely. You’ll be surprised by how just one tech-free day can lift your mood, boost focus and reset your mental clarity.
5
Replace, don’t just remove
Fill the digital void with intentional, restorative activities. Read a physical book. Write in a journal. Go for a walk— without your phone. Going analogue helps the detox feel like a reset, not a restriction.
The bottom line
A digital detox isn’t about ditching your devices— it’s about reclaiming control over when, how and why you use them.
It’s a performance tool as much as a wellness one.
Recharging isn’t optional—it’s essential. Your most valuable asset isn’t your output. It’s the human behind it.
Macroeconomic and market developments
Watch the commentary here
Global strategy (returns in US dollars) South African strategy (returns in rands)
Monetary policy remained in focus in October as major central banks took differing paths. The US Federal Reserve (US Fed) lowered rates by a second consecutive 25 basis points (bps) this year to 3.75%–4.0%, while the European Central Bank (ECB) and the Bank of Japan (BoJ) held rates at 2.0% and 0.5%, respectively.
The International Monetary Fund’s (IMF) October 2025 World Economic Outlook (WEO) points to a resilient but fragile global economy, with growth easing to 3.2% in 2025 and 3.1% in 2026 amid policy and geopolitical uncertainty. In the US, a government shutdown is expected to significantly weigh on growth in the short term. While the eurozone saw third quarter (Q3) growth of 0.2% quarter on quarter (q/q) from 0.1%, China’s growth slowed from 5.2% in Q2 to 4.8% y/y in Q3.
Global equities (2.26%) continued to improve in October.
Global bonds were 0.27% lower in October, moving against the positive momentum, supporting US Treasuries (0.66%), which gained for a third consecutive month.
Commodity markets gained throughout October, led by industrial metals (4.44%) and agriculture (4.27%).
Locally, headline inflation rose slightly to 3.4% year on year (y/y) in September from 3.3% in August, driven by higher housing costs and easing fuel deflation, while food prices moderated. On the fiscal front, year to date (YTD) data suggest that National Treasury is likely on course to post another primary budget surplus this year.
The Financial Action Task Force (FATF) officially removed South Africa from its grey list on 24 October 2025, acknowledging strong AML/CFT reforms that improved financial integrity. Meanwhile, total exports rose by 0.4% in the first three quarters of 2025, driven by Europe’s demand but were weighed down by weaker US trade amid tariffs, with cautious optimism for a trade deal ahead.
South African (SA) equities gained 1.64% in October, as gold prices tapered off, weighing on the performance of SA’s basic materials sector (-4.90%), while SA Inc stocks in the form of SA telecommunications (13.88%)and SA financials (8.51%) picked up the slack.
SA nominal bonds (2.56%) oscillated between steepening and flattening as domestic and global policy signals shaped investor sentiment.
SA listed property (7.85%) surged in October, supported by investor pursuit for yields. Dividend growth across SA’s property market remains robust and competitive, even among its peers globally.
Outlook
Global monetary easing is nearing its end as central banks focus on stability amid persistent inflation and uneven growth. The IMF sees slower growth through 2026, warning that protectionism and fiscal strains could stall recovery.
Dovish US Fed speak has revitalised appetite for US asset classes. However, a structural dollar weakness, a stimulus drive in Europe and corporate restructuring trends across Asia will present ex-US opportunities.
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