Ten behaviour checks towards financial wellness

THE Momentum/unisa Financial Wellness Index 2017 report lists the following ways in which

South Africans can improve their financial wellness:

The attainment of high-quality, market-related skills. There is a very strong correlation between education/skills level and income.

Growth in personal (cognitive, communication and social) skills. These skills are also beneficial in the job market.

Personal empowerment, through self-confidence and the belief in your ability to solve problems.

Increased financial literacy. The survey found there is a low level of financial literacy in South Africa.

Increased financial capability. Research has shown that financial management and planning tools can make a world of difference to consumers who want to plan and budget, the report says.

Full financial inclusion. Inclusion rates for savings and investments, insurance, medical schemes and secured debt products are still fairly low, the report says.

Financial planning. Use qualified financial advisers.

Assisted and informed portfolio composition, including financial coaching.

Long-term consumption smoothing (by living within your means and reducing and avoiding debt), increased savings and preparation for retirement.

Continual monitoring and evaluation of financial outcomes.