The World Bank estimates that SA’s economy contracted by 7% in 2020, as the pandemic weighed heavily on external demand and domestic activity when the government implemented containment measures. The banking industry’s headline earnings are showing the biggest decline in more than 50 years. We are operating in a challenging economic climate and recovery will be long and hard and predicted to normalise in only 2023.
With traditional beliefs about financial management turned on their head, people are looking for more experimental and flexible ways of managing and growing their money to give them greater control of the process. As people move towards a money-smart mindset, there is a growing desire to reduce debt and unnecessary costs putting greater pressure on the value equation. Saving money every month is the top priority for banked South Africans.
We speak to Sisandile Cikido, head of retail investments at Nedbank, on the critical importance of putting money away and how to overcome the barriers of saving in the current climate.
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This article was paid for by Nedbank.