QUICK READ Consumer

The recently-released MomentumUnisa Consumer Financial Vulnerability Index for the second quarter indicates that consumer finances have dipped back into a very exposed state. Johan van Tonder, economist for financial wellness at Momentum, says the decline can be attributed to steep rises in the prices of fuel and food, loadshedding, increasing interest rates and low economic growth. “Every subcomponent of this quarter’s index has deteriorated, including income, expenditure, savings, and debt servicing,” he says. The second-quarter index indicates the capability to service debt remains the greatest constraint on consumers. “The ability for consumers to service debt worsened to the extent they had to seek outside assistance to cope with their debt burdens,” Van Tonder says.

Retirement

A survey by retirement income specialist Just SA shows that

South African women are saving more, on average, than their male counterparts. They are also putting more thought into retirement planning than men, according to the study, which surveyed South Africans over 50 years old, who are in or approaching retirement. Results revealed that 25% of female respondents had thought extensively about their potential cognitive decline and had made proper plans to protect their financial future, compared with 16% of men. Female respondents were more unlikely to take risks with their money (33%) compared with men (21%). And while around 50% of men surveyed said they were confident they have enough money to cover their expenses in retirement, only 38% of women felt the same way.