IOL Money - June 2022 - The Youth Issue

IOL

MONEY June 2022

THE YOUTH ISSUE

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CONTENTS FEATURES 3 Important financial moves to make in your twenties

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Smart money moves for young graduates

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4 common money mistakes young people make 10 Entrepreneurship and gig work

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REGULARS Money Basics with Martin Hesse How much you need to save to retire early (or do whatever you like)

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Fact File: The Deloitte Global 2022 Gen Z & Millennial survey

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Rands and Sense with Prudence Thipe

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Important contacts & links

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FROM THE EDITOR You’ve got to tell your money what to do or it will leave.

– DAVE RAMSEY Radio personality

@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 AM not sure how many young people will heed my investment advice, seeing it is a characteristic of young people to believe they already know everything, but here goes.

Know the difference between trading and investing. While it’s okay to do both, it’s not okay to do trading in the mistaken belief that you are investing.

Trading in shares, cryptocurrencies, forex or contracts for difference (CFDs) is a short-term, high-risk activity that can be likened to gambling.

It may get the adrenaline pumping through your veins but, over longer periods you are unlikely to make money. In fact, you’re highly likely to lose it.

If you enjoy the excitement it brings, do it by all means, but go into it well informed and know the risks – and do it only with money you can afford to lose.

The term “investing” is often used to refer to trading, but it should be exclusively used for long-term investing: regularly contributing to an investment such as a unit trust or exchange-traded fund and enjoying the sure, compounding growth of that investment over the years – the longer, the better.

In my Money Basics feature, I explain that, while it may take a while, investing 10% of your salary into a long-term equity investment will stand you in good stead by the time you’re in your 50s. And if, in addition, you always preserve your retirement savings when changing jobs, you can achieve financial freedom at a relatively young age.

Take the road less travelled: consider your future in the financial decisions you make today.

Martin Hesse

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3 IMPORTANT FINANCIAL MOVES TO MAKE IN YOUR TWENTIES It may be counter-intuitive if you’re living life day-to-day, as young people generally do, but financial moves you can make now will prove of enormous benefit to you later in life, writes Vernon Pillay.

IT IS said that youth is wasted on the young. The 10 years between turning 20 and progressing into your thirties are mostly filled with adventure, independence and joy.

Millennials and Zoomers (Generation Z) are having kids, getting married and buying a home much later than their predecessors. Edwin Theron from digital insurer Sanlam Indie says that as a result, these young adults are sometimes missing the opportunity to initiate certain financial commitments in their twenties, which would directly (and positively) impact their lives as early as their forties.

“The understandable desire amongst millennials for increased independence and purposeful

work means that many young people of today are saving and investing for short-term goals, but neglecting to consider their longerterm financial aspirations,” says Theron.

He proposes three decisions that should be made as early as possible: 1. START SAVING FOR RETIREMENT Retirement is often overlooked when you're just starting out.

You’re more concerned about cash flow for the upcoming weekend and less worried about your accommodation as an eighty year old. Theron stresses that it’s never too early to start saving for retirement. The earlier you start,

the more time your nest egg has to grow. “A good method for starting your savings and investment journey is to allocate a percentage of your income to this fund – a non-negotiable portion of your income that is removed as it comes in,” says Theron. In some cases, employers might match your retirement contributions, which is another great way to amplify your savings efforts. (See “Money Basics” on page 8.)

2. LOOK OUT FOR THOSE CLOSEST TO YOU There are many arguments for taking out income protection as a young adult – the greatest of which is the reduced price of the premium when you’re young

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and healthy. Young people tend to think of physical assets first – buying a car or house, but when first starting out, your earning potential is actually your greatest asset, and this is what needs to be protected with the necessary income protection insurance.

People underestimate the likelihood of disability because they only consider permanent disabilities, but the experience shows that temporary disability is much more common and still has a significant financial impact if not insured against. Theron says that in South Africa, many twenty-somethings are already responsible for the financial wellbeing of their parents and sometimes even their extended families. “Income protection is a

guaranteed way of making sure your loved ones aren’t burdened, and are still provided for should you unexpectedly become unable to work.”

3. BUILD A GOOD CREDIT SCORE Working on establishing a good credit score in your youth is important when it comes to applying for loans to purchase a home or vehicle. Credit providers require insight into how you’ve managed debt in the past in order to grant you credit in the future, and this is often a stumbling block for young people in their first jobs. It can take a few years to establish a good credit score. The easiest way to start is by taking

out a retail, cellular or store credit account. Choose an interest-free facility that is within your means and ensure that you settle monies owing timeously.

Theron says that being in a position to make any of the above moves means that you can count yourself amongst the lucky few. “The reality for many South Africans is that saving, investing and insuring can be incredibly difficult when you’re trying to make ends meet – especially considering the challenges faced over the past two years.” He says that even before investing, taking a good look at your spending and eliminating bad debt is a good place to start your journey to financial freedom.

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SMART MONEY MOVES FOR NEW GRADUATES Being a new graduate can be one of the most exciting yet stressful times of your life. The elation of graduating with a degree or diploma can be short-lived once you face the realities of job-hunting, rejection letters and “adulting” in general. Devon Card offers practical tips. ● Prepare your online profile. When last did you Google yourself? There is enormous power in your online profile, so make sure that anybody searching for you is impressed by what they see. Check your privacy settings on Facebook and Instagram accounts, and check through your Twitter feed.

If you haven’t already done so, set up a Linkedin profile and start connecting. ● Set up your online CV. Sites such as jobportal.co.za and leafly.com allow you to create an online CV which is universally

accessible and makes it easier for companies to find talent. Spend time creating a powerful online CV that showcases your special skill set. ● Don’t sit around waiting for a job. Job-hunting is tough and being rejected is emotionally draining. Finding a job is going to require tenacity, resourcefulness, resilience and a never-say-die attitude. While you’re out their job-hunting, focus also on finding a side hustle that can generate some extra income. ● Practice being interviewed. To avoid

being overwhelmed during job interviews, get some practice ahead of time. Ask your parents, a mentor, lecturer or family friend to go through a ‘dummy interview’ with you so that you get a feel for the type of questions you will be asked and how to construct succinct, insightful responses. ● Develop an introductory email. When emailing your CV through to a prospective company, include a short, sharp and well-written introduction that entices the reader to open your CV. Make sure your grammar and punctuation is flawless.

7 ● Get a driver’s licence. If you don’t yet have your driver’s licence, do it now. Most employers want an employee who is independently mobile. ● Further your education while still young. If you are contemplating studying further, fulltime or part-time, bear in mind that it is easier to do this while you are young, unmarried and do not have financial dependants. ● Register as a taxpayer.

In order for an employer to pay you, you will need a tax number.

To do this, you will need to go to your nearest SARS office with your official identification and proof of address. ● Check your medical aid.

You may be required to move off your parents’ medical aid. If this is the case, do not allow your membership to lapse and ensure a smooth transition onto your own medical scheme. ● Check the terms of your student loan. If you’ve funded your studies through a student loan, check the terms of your loan repayments and be sure to pay the right amount every month and on time, as this will affect your credit record going forward. ● Get mobile. Depending on where you live, work and how much travelling you are required to do, it may make financial sense to use e-hailing services while saving up to pay cash for a car in the future. ● Keep copies of important documents. This includes your secondary and tertiary qualifications, all references and reports, identity documents, passwords, driver’s license, awards, certificates and extra courses. If possible, keep certified copies as well as a high-quality colour scan of each. ● Get as many references as possible. Don’t be afraid to ask people for a reference if you have done work for them. Whether

you’ve worked as a waitron, au pair, baby-sitter or receptionist, ask for a written reference to keep on file. ● Have an account or utility bill in your name. If you want to buy a car, open a bank account or get a credit card, you will need to provide proof of address. Ensure that you have an account – bank, utility, cell phone, investment or other – that reflects your name and address. ● Manage your bank account well. Managing your bank account responsibly will improve your ability to apply for credit or finance. Generally, when purchasing a vehicle, renting a property or applying for a credit card, you will be required to submit three months’ bank statements. ● Read up on personal finance. Commit to reading about personal financial management, budgeting, investing, income tax and responsible money management. Buy a book, find an online resource, read the newspaper or subscribe to a personal finance magazine. You are going to be managing your finances for the rest of your life, so get educated and stay educated. ● Spend money on life experiences. Learn the value of buying experiences as opposed to material possessions and find friends who share the same values. Experiences create life-long memories and are priceless. ● Higher-paying jobs aren’t always the best. Although you might be tempted to accept the highest paying offer, don’t allow money to be the deciding factor. Different jobs have different growth and earning trajectories, so don’t be swayed by the size of your first pay cheque. Research the company, its ethos and values, and how it treats it people. Check its customer service history and online customer reviews. Ask questions

about growth opportunities, training, education and career potential. Quiz them about their social and environment impact, their leave and work hour policies, and how they give back to the community. ● Compare job offers and learn to negotiate. If you receive a job offer, insist on it being in writing and then do your research. Know your worth and establish whether the offer is fair and market-related. If it’s not, learn how to negotiate while remaining professional at all times. ● Understand employee benefits. Establish what the cost-to-company value of offer is by understanding what employee benefits are included. Check whether the benefits include medical aid, travel and cellphone allowances, retirement funding and overtime pay. ● Find a budget app that works for you. Regardless of how much you are earning or how low your monthly expenses are, find a budgeting app that works for you and use it. Get into the habit of tracking your expenses, checking your balance and keeping tabs on your money so that this becomes a life-long habit. ● Set up a savings account and automate it. It doesn’t matter if you start off with R100 per month, just set up a debit order to a savings account and get into the habit of putting some money away every month. Saving is a habit. ● Create an emergency fund. Set aside some money into a separate account earmarked for emergencies. This will stand you in good stead if you need quick access to money and will prevent you from having to borrow money if you are suddenly faced with a large expense.

Devon Card is a Certified Financial Planner at Crue Invest.

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HOW MUCH YOU NEED TO SAVE TO RETIRE EARLY (OR DO WHATEVER YOU LIKE)

MONEY BASICS

with MARTIN HESSE

THERE is an international movement among young people called FIRE, which stands for Financial Independence, Retire Early. The goal is to save as much as you can when you are young, so that you build up a nest egg on which you can retire by the time you're in your early 40s.

These people are fanatical: they recommend putting away between 50% and 70% of your salary each month.

However, unless you're earning a professional salary but living like a bergie, there are very few of us, particularly now in the face of rising living costs, who would be able to do that.

But the idea is a worthwhile one. And if you make the right investment decisions and remain committed to saving a certain percentage of your salary each month (over and above what might be coming off your salary

for your pension savings and what you might be paying on a mortgage bond, which in itself is an investment), your nest egg will grow remarkably quickly so that, although you may not be able to retire in your 40s, by 50 you'll have saved enough to have the financial freedom that most people only dream of.

Let's do some sums.

Say you're 25 and, after tax and retirement fund deductions,

9 you take home R20 000 a month.

For the purposes of this example, I will assume zero inflation, so you can get an idea of what your money will be worth at today's rand value. Let's say your salary, taking into account bonuses and promotions, rises by an average of 3% above inflation each year.

And your savings in a suitable investment give you a return of 7% above inflation, on average, annually.

(This is a realistic after-inflation return that, over periods of 10 years or more, you could expect from an equity fund).

So in a zero-inflation world, your income would increase by 3% a year and your investment by 7% a year.

If you put away 10% of your salary each month, by investing R2000 a month initially but increasing this in line with your salary increases, after 18 years you will have saved R1 million.

But wait, here's the magic of compound interest: after only

another seven years you will have doubled your money and will have R2 million. By this time you'll be 50 years of age. If you had also been accumulating 15% of your salary in a retirement fund, this would give you another R3 million. So you'd have R5 million (at today's rand value).

By 55, the youngest age at which you can officially retire, you will have built up a sizeable nest-egg on which to do just that: R3.3 million in your discretionary investment and R4.9 million in your retirement fund, totalling R8.2 million in all. Imagine what you could do with saving 20% of your salary!

REAL RETURNS Real returns are what your investment gives you after inflation.

In other words, if inflation was 5% and your investment gave you an 8% annual return, your real return (the percentage by which your investment increases in true value) would be 3%. If your investment

gave you only a 5% return, it would not actually be increasing in value at all, because the buying power of your money would be decreasing at the same rate.

This is why, if you are investing for the long term (10 years or longer), you need to be invested in an asset class that, in all probability, will give you good real returns.

The accompanying table, provided by Old Mutual Investment Group in its latest Long Term Perspectives report on long-term investing, shows the real returns of the different asset classes as well as those of a typical “balanced fund”.

As you can see from the table, equities (shares in companies) – both South African and global – have yielded the highest real returns over very long periods.

If you are targeting a real return of 7% (as in my example above), the best combination of assets to give you that return would be South African and global equities, based on past performance.

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FOUR COMMON MONEY MISTAKES YOUNG PEOPLE MAKE It pays to be cautious with your money, writes Dominique Bowen. Small financial mistakes made today can turn into overwhelming financial problems tomorrow.

11 AS WE celebrate Youth Month, there’s an opportunity for millennials and gen-Zs not only to reap the rewards of smart financial choices informed by lessons learnt, but also steer themselves away from common money misdemeanours their bank accounts would rather forget.

Below are some of them, and the better decisions to make in each scenario.

1. GETTING INTO DEBT On its own, getting into debt isn’t a mistake. But doing it without a plan or purpose can be reckless, not only for your current financial situation, but your reputation with future lenders. Terence Tobin, independent financial planner, money coach and owner of Rich Ideas Group, says: “Most banks give you 55 days interest free, so if you repay your outstanding balance in full at the end of the month, you incur no interest, and you start showing that you know how to use credit responsibly by using it and repaying it on a regular basis.” But you can burn your fingers playing with the seemingly abundant pot of funds that aren’t actually yours.

And, if not nipped in the bud, this can lead to a debt spiral. It’s inevitable that credit will come into your financial picture at some point, whether you need to take out a student loan, or pay off a property or car. Responsibly managing a credit card can help you get there, as long as you understand how it works, and how to make it work for you – not the other way round.

2. NOT STARTING TO SAVE EARLY ENOUGH “Why wait for tomorrow what you can have today?” Well, because we live in a world that satisfies our need for instant gratification. But saving gives you

more tomorrow than what you can have today, and it’s never too early to take advantage of this gift to yourself. “It is never too late to start saving,” says Lloyd Ellis, independent financial planner at Solutions 2 Wealth. “It can, however, be very late to start saving, but better to save than never at all.”

Get into the habit of deciding on a portion of your weekend job or student gig that you’ll put away every time you receive your salary or wage. This will not only help you physically save money, but you’ll become used to ‘parting’ with money that you would otherwise spend, and watch it grow over time.

Then, when you earn your first real salary, continue the habit.

“What I’ve found is that when young people have implemented this, the habit benefits them for decades to come as the magic of compounding works in their favour,” says Tobin.

3. GIVING IN TO PEER PRESSURE Traditionally the term “peer pressure” has referred to our comparison of ourselves to family and friends, but social media has caused that net to be cast much wider. There are more people to level up to. And yet there aren’t if you stick to your goals, stay focused and remember that only you have yourself to answer to years down the line when you reflect on your successes.

There will always be friends or colleagues who have a more comfortable financial situation than you, and coming to peace with that will starve that comparison gremlin that’s been stealing your joy and spending your money unnecessarily. The only “peer” you need to allow to influence your financial plan outside of your partner and family

members is a qualified expert.

Speaking to one can help you get on track to your unique goals and make them a reality.

4. NOT CONSIDERING DISABILITY COVER Life, as you know, isn’t guaranteed tomorrow, and this doesn’t become any less real the moment you start earning an income. The financial consequences can be tragic if you’ve worked your way through school and studies, secured your first job, and it gets swiped out from underneath you as a result of disability.

“Immediately once you’ve found or created your own employment, consider an income protection benefit,” says Tobin.

“It’s important that your current standard of living is maintained should something happen to you, as that can provide you with a great sense of financial security, mental stability and wellbeing too, knowing that if an event occurred of a medical nature, you wouldn’t suffer financially.”

COMMON THREAD What links all of these points?

They’re motivated by living in the here and now, not worrying (or for some, even thinking) about tomorrow. They’re all mistakes motivated or incentivised by our frenemies YOLO (you only live once) and FOMO (fear of missing out); the first will tell you to throw caution to the wind and ‘just buy the shoes’, while the other can’t stand the thought of you missing out on the latest phone upgrade.

Some financial lessons are learnt the hard way, but adjusting your attitude to life overall can mean the difference between getting stuck in a financial rut before you’ve reached your 30s, and celebrating your successes for many years to come.

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ENTREPRENEURSHIP AND GIG WORK: EMPLOYMENT IN THE NEW ECONOMY Digital disruption is forging a new world of work in which “self-starters” with the right skills can thrive.

DATA released by Statistics South Africa at the end of last year showed that 45% of young people under 34 years or age were not in employment, education or training.

Globally, we are experiencing the “double disruption” of the economic impact of the pandemic and the increasing automation of jobs.

The World Economic Forum (WEF) estimates that by 2025, 85 million jobs worldwide may have been displaced by technological disruption.

However, as many as 97 million new jobs may emerge.

Massive youth unemployment remains a critical challenge for South

Africa. However, technological disruption provides an opportunity to upskill and reskill young people to orientate them towards new opportunities to earn a living.

In light of the rising levels of unemployment among young South Africans, the UK-South Africa Tech Hub Launch League initiative undertook a research project to survey over 40 South African hubs, skills and entrepreneurial training organisations to understand how they are equipping young South Africans to become economically active.

According to the report – Skills and Training offered by South Africa’s Hub Network: How can South African hubs

train and support young South Africans to earn an income in the New Economy? – hubs, incubators, digital skills trainers and entrepreneur support organisations play a critical role in preparing people for the “New Economy”.

The New Economy is described as an economy that is producing or intensely using innovative or new technologies.

It is largely service orientated and characterised by increased entrepreneurship and gigbased employment.

By focusing on teaching skills in entrepreneurship, digital technology and gig work, training organisations can help young people

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transition to these pathways to income.

Young people need a complex combination of skills if they are to be productive in the New Economy. The WEF defines these skills in four broad categories: problemsolving, self-management, working with people, and technology use and development.

According to the Launch League report, entrepreneurship and gig work have both been trumpeted as South Africa’s solution to alleviating unemployment. While entrepreneurship has been prioritised in South Africa for some time, gig work readiness is increasingly acknowledged as an essential area for skills development.

Gig work – comprising flexible, short-term, freelance work that often involves connecting individuals to clients or customers via apps and websites – is changing the course of peoples’ careers

as they are pushed to build professional profiles outside of traditional structures.

While it isn’t a new phenomenon, technological advances are making gig work accessible to larger numbers of people. More people are selling their labour as “gigs” and companies are using contract workers not only to save costs, but to have a flexible workforce that includes outsourced talent from across the world.

In South Africa, gig work provides an opportunity for people to participate in temporary work and earn an income rather than remain unemployed while permanent jobs remain scarce.

While it is a promising pathway to income, gig work does have its downsides, including overworking, social isolation, employment insecurity and lack of regulation regarding benefits. Preparing for and managing the gig environment does, therefore, require a specific set of skills.

According to the UK-South Africa Tech Hub Launch League’s report, for gig work to provide a sustainable pathway to income, gig work readiness will become essential.

Principles for tech-based gig work readiness include: ● Continuously learning new skills as old skills and technologies become redundant. ● Gaining experience and skills in a wide range of applications. ● The ability to work independently, or as part of a virtual team. ● Applying self-direction and assertiveness. ● Acquiring self-promotion and branding skills. ● Having the financial capability to manage gig-to-gig living. ● Entrepreneurial thinking – seeing yourself as a business offering a range of capabilities.

VIEW THE FULL REPORT HERE

FACT FILE

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THE DELOITTE GLOBAL 2022 GEN Z & MILLENNIAL SURVEY DELOITTE’S annual global survey of Gen Zs and millennials connects with respondents around the world to gauge their views about work, money and the world around them.

The 2022 survey found that Gen Zs and millennials are “deeply worried about the state of the world and are fighting to reconcile their desire for change with the demands and constraints of everyday life. They are struggling with financial anxiety, while trying to invest in environmentally sustainable choices. They feel burned out, but many are taking on second jobs, while pushing for more purposeful – and more flexible – work.”

Major concerns Gen Zs (29%) and millennials (36%) say the cost of living (their day-today expenses, including groceries, housing and transport) is their greatest concern.

The second-greatest concern is political instability, war, and conflicts between countries (12% of Gen Zs and 11% of millennials). Note: the

questions were fielded before Russia invaded Ukraine, so these concerns would undoubtedly be higher now.

Financial issues “Concerns about cost of living may be a symptom of the times, given high levels of inflation, but they also speak to issues that these generations have been expressing for years: they don’t feel financially secure personally, and at a broader societal level, they are deeply concerned about wealth inequality,” Deloitte’s report says.

• Almost half of Gen Zs (46%) and millennials (47%) live paycheck to paycheck and worry they won’t be able to cover their monthly expenses.

• More than a quarter of Gen Zs (26%) and millennials (31%) say they are not confident that they will be able to retire comfortably.

• About three-quarters of Gen Zs (72%) and millennials (77%) agree that the gap between the richest and poorest people in their country is widening.

Work patterns Amid this financial unease, many Gen Zs and millennials are redefining their working patterns. As many as 43% of Gen Zs and 33% of millennials have a second job in addition to their primary job.

A small but growing number are moving out of big cities and relying on working remotely.

Although pay is the top reason Gen Zs and millennials give for changing jobs, they also place importance on companies that align with their values: almost 40% say they rejected a job or assignment that went against their values.

There is clear demand for more flexible working: currently 49% of Gen Zs and 45% of millennials work remotely at least some of the time, while three-quarters say this would be their preferred mode of working.

“Saving money, freeing up time to do other things they care about, and spending more time with family are the top reasons Gen Zs and millennials like to have the option to work remotely,” the report says.

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Rands and Sense

MYTH: YOU ONLY NEED LIFE INSURANCE WHEN YOU ARE OLDER

Prudence Thipe

WHEN you are in your twenties and starting out in life, you can be forgiven for thinking about getting your career started, buying a car and enjoying your independence rather than buying life insurance.

After all, life insurance is only for older people who have families and financial obligations, isn’t it?

No. First, death, disability or severe illness is not limited to just older age groups; and secondly, the younger you are when taking out life insurance, the more affordable it is.

When you are in your twenties, you should consider life insurance and the financial protection and other advantages it will offer as you move through various life stages.

Life insurance should be the foundation of any financial plan as its main function is to pay off debt, be it current or some time in the future, like settling a student loan, which is something that becomes part of our lives once we start to work and begin accumulating assets.

Unfortunately, the Covid19 pandemic has taught us that life and our plans can change very quickly and what appears to be a certainty today, may no longer apply tomorrow. The pandemic does not respect age or gender. For the younger consumer, the virus has drawn attention to the fact that instead of living and spending for today, it is perhaps time to think about the future and to start planning a more financially secure life-insured future.

earning an income, you have an opportunity to acquire assets: life cover acts as protection of your assets in the unfortunate event of death.

The sooner you start, the more affordable your monthly premiums could be, and the easier it is to begin building a financially secure future.

Life insurance is the key to providing a legacy after your passing and not leaving those behind to cover debts, whether current or those that accrue in the future. To a family left behind, life cover can also be used to replace any financial assistance that a younger family member could have been giving to his or her family.

A policy pay-out can cover essential expenses, such as mortgage bond re-payments, credit card accounts, car loans, student loans and other debt. It can also ensure that any outstanding medical costs and the costs that a funeral policy may not cover, are met.

As no two people are the same, getting the right life cover for you should involve receiving expert advice from a financial adviser who can ascertain your financial obligations, assets, goals and lifestyle wishes.

A life insurance policy can then be tailored accordingly.

As your financial obligations increase and life becomes more complicated, it pays to have a trusted adviser consult you on at least a yearly basis, so that changes in your life and financial goals can be catered for and your legacy can be maintained.

The time is right because: When still young and

Prudence Thipe is a sales and distribution executive in the financial services sector.

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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