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Being Financial Savvy Key Is To Retirement

Being Financial Savvy Key Is To Retirement

Keeping control of one’s finances and budgeting to live within one’s means formed an integral part of the Financial Wellness Workshop which took place at the DUT Ritson Campus last week.

The event, which was organised by the DUT Employee Assistance Programme (EAP), also looked at issues pertaining to the importance of drawing a will and understanding retirement planning from financial experts from Nedbank and Alexander Forbes.

Starting the conversation was Siyanda Ngongoma from Nedbank, who spoke about the importance of saving. Ngongoma also touched on the importance of having a personal budget, adding that less than 10% of South Africans currently have a proper budget which they adhere to. “Credit is not bad. We (South Africans) are not bad people but the way we use our credit is bad. Nedbank has unveiled its free online personal financial management tool, My Financial Life, which aims to help South Africans manage their finances and encourage a more proactive savings culture,” said Ngongoma, while also giving tips on how to reduce one’s spending by developing an individual savings plan, living within one’s own means, avoiding getting more credit by analysing all one’s accounts and ensuring that frivolous spending on retail accounts is strictly avoided.

Also giving insight into retiring with less financial burden was Benjamin Hector, a financial consultant at Alexander Forbes, who said there are four rules to getting retirement savings plan right. These are saving as much as one can afford to, as soon as possible, for as long as possible, and not withdrawing one’s retirement savings along the way. “The contributions you make during your working years can make a major difference to your quality of life in retirement. The longer you can invest, the better your chances of having enough when the time comes to draw an income for your retirement years,” he said. Hector added that with longer lifespans, retirement can last 25 years or more, depending on when a person decides to retire and how long they live, so it is crucial that a person retiring has enough money to last the distance.

All-in-all, the workshop was well-received with many staff saying that they hoped to adhere and follow the tips that were given on being financially savvy.

– Waheeda Peters

Pictured: Educating staff on being financially savvy is Siyanda Ngongoma from Nedbank.

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