MONEY
C O N T E N T PA R T NE R S H I P
COVID-19 CONSUMER RIGHTS INFRINGEMENT – WHAT TO DO? BY INA WILKEN, NON-EXECUTIVE DIRECTOR: FINBOND GROUP LIMITED
A
part from the gross
a loss of R285bn in revenue and
inconvenience caused by
that between 1,5 to 3 million jobs
COVID-19, the appalling
will be lost, which would lead to
consumer rights infringements
wide-scale poverty and death as a
it brought about have been
result of hunger in an attempt to
staggering, wouldn’t you agree? The
protect citizens against a disease
blame, in my view, cannot be laid
with a mortality rate similar to that
anywhere else but with our current
of seasonal flu!
governing bodies. This sad indictment is not only
Without delving further into the problem, though, we need to
my personal perspective but,
consider what we have to do now.
more importantly, is echoed by the
What is the solution?
many consumers I interact with
I want to suggest a
on a regular basis. This view can
reinforcement of that most primal
be further substantiated by the
protective instinct: that is, make
non-essential, expenses that
finding of the United Nations High
sure you protect yourself and your
you can cut on?
Commissioner for Human Rights,
family’s financial wellbeing in the
Michelle Bachelet, who, on 27 April
best way possible.
2020, denounced 15 countries in
Be sure to set some money
• Look at your grocery list. Are there items that you can replace with more affordable items?
the world for unacceptable human
aside, and if you can invest,
Perhaps consider exchanging
rights violations and a ‘toxic
consider doing so. Times are hard,
your preferred coffee brand
lockdown culture’.
and many jobs have been cut, but
for an alternative, inexpensive
now more than ever, consumers
brand, or cut it out all together?
South Africa was singled out as one of the worst perpetrators
need to become less consumer
(Emma Farge, UN raises alarm about
oriented, and more savings
police brutality in lockdowns (www.
oriented. Seek to save what you can
safeguard what you have. Guard
reuters.com, accessed 8-2-2020)).
of your hard-earned income and
your income and make sure
consume only what you have to.
you only spend what you really
Of the stringent lockdown
It is now time to be frugal and
In many respects, COVID-19 – as
need to. Lastly, remember that
most damaging were most certainly
difficult as it is – has the potential to
we are here for you during this
the extensive economic restrictions
teach us some of the most valuable
challenging time. We would love
on trade for so many businesses,
lessons we could ever learn.
to be of assistance to you and
measurements implemented, the
which resulted in a staggering drop
I know I may be ‘preaching to
help where we can. All of the best
in GDP of over 16.4% between the
the choir’, but allow me to share
for the road ahead, and please
first and second quarter or 2020,
a reminder for us on some very
remember you have a strong and
and a negative annualised growth
basic guidelines when it comes to
secure partner at your service in
rate of -51% (www.mg.co.za/
savings:
these uncertain times. •
business, accessed 9-9-2020).
• Consider whether there are
www.finbondmutualbank.co.za
National Treasury is predicting 20
SILVER DIGEST // SPRING 2020
any monthly discretionary, or
www.finbondlimited.co.za
