By Neelam Rahim
July is “Savings Month” on the South African calendar – a dire time to be having a conversation around savings in a country with one of the worst savings rates in the world. South African consumers are under immense financial stress given the current financial environment – things will get worse before they get better, according to the World Bank’s latest Global Economic Prospects Report of a global recession as fuel prices, inflation, and the cost of living all increase abruptly.
Joining the discussion with Radio Islam International is Executive Financial Wellness and Advisory at Nedbank, Wendy Selebi.
According to Wendy, the country has just come out of a hard time of lockdown, where most South Africans were exposed to savings. Some who thought they were saving enough found those savings depleted; others found themselves with nothing during those difficult times.
She says as it is the national savings month, statistics are showing that as the South African Nation, we are regretting when it comes to savings. Some research also indicates that South Africans would like to save but believe they cannot do so.
She added that money experts at Nedbank would like to get South Africans to save their money differently and embark on this savings journey.
According to Wendy, it is possible to start saving under these circumstances as they may be. There is a myth out there where people believe in waiting until they have enough to start saving, also another belief that savings are only for those with lots of money.
She says that despite the economic conditions, savings can start with a monthly budget to allocate a portion towards saving.
Wendy tells Radio Islam is critical to make savings automatic. After your salary enters your account, the first debit order should go towards a saving goal.
Nedbank recently launched its Novel Wall of Whispers Activation.
She says the Wall of Whispers features five personas that impart savings advice in the form of a whisper, giving visitors valuable guidance on savings and investment and on how to start saving in a conversational, quirky and educational manner in the form of a whisper.
Listen to the full interview on Radio Islam’s podcast below.