Budget Speech: Are you fighting a losing battle?

By Drum Digital
26 February 2014

With the recent repo rate increase, rising fuel prices and the arrival of e-tolls, are we fighting a losing battle?

With the budget speech delivered today, many are expecting that consumers will have to be more vigilant than ever in managing their finances.

While economic figures indicate that poverty has declined in the last 20 years, inequality has not, with the richest 10% of households still acquiring more than half of the national income of the country.

There are many challenges to overcome, but the most basic one – especially in the face of these rising economic challenges - is for people to become financially literate and understand how to manage their money and get the best value from it - which is only achievable through education.

“In the face of the impending budget speech, there is no doubt that many consumers will again feel the pinch  as they deal with  rising taxes, increased spend required to boost our economy, coupled with their existing expenses, bad debts and the continued costs of managing of their money,” says  Laurence Hillman, managing director of 1Life.

“It is critical that consumers start taking a more active role in understanding their finances - ensuring that they are in a position to reduce their expenses and truly start saving for their future.”

The budget speech is a public event, but your action can be in taking that first step – of saving.

It is vital together with the basics of financial literacy and wealth protection; this can place you and your family in a better position to control your financial future.

- Source: 1Life

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