South Africans are spending more money than they earn, with few putting away monthly savings. This leaves them vulnerable to a future that is becoming increasingly volatile and uncertain, a situation worsened by the Covid-19 pandemic and lockdown.

A year ago it was reported that for every rand saved in a household, another is spent on credit. On the balance sheet, this showed that as dedicated as some were in contributing to their pension funds, retirement funds or other savings instruments, others were spending to the same degree. Essentially, the spending habits of some were squarely cancelling out the saving habits of others ... leaving SA with a household savings rate (HSR) of 0%.

In November 2019 the HSR was -0,2%. In the first quarter of 2020 (before Covid-19) the HSR plunged into even more negative territory at -0,5%. The numbers don’t lie; South Africans are struggling to manage their money responsibly. They’re not saving, living beyond their means and getting trapped in credit.

Covid-19 has left far too many people financially exposed, but it’s not too late to turn things around.

Nedbank and the online Sowetan Dialogues invite you to join them as they share expert advice on saving for the future, with practical tips on how to change spending (and saving) habits. Improving financial health is one the most important ways to empower all South Africans — especially women.

The impact of Covid-19 is an unfortunate reminder of why we need to put money aside for rainy days. People with a cushion of savings to fall back on have found some relief at a time when most are feeling the financial pinch and taking strain. We need to be frugal, examine our money habits, and learn new ways to save for years to come.

The panel of money experts who will be sharing their wealth of knowledge include:

• Sisandile Cikido — head of retail investments, Nedbank
• Lyndwill Clarke — head of department: consumer education, Financial Sector Conduct Authority
• Nastassia Arendse — television anchor, SABC
• Laura du Preez - finance journalist
• Angelique Arde - single mother and personal finance journalist

Date: October 21 2020
Time: 9am
Cost: Free