In conversation: Protecting and securing your family and your future

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You can speak to a financial adviser to help you plan to protect and secure your family and your future. (Image: Supplied)
You can speak to a financial adviser to help you plan to protect and secure your family and your future. (Image: Supplied)

We know talking to your significant other about money isn’t easy, but it’s important. Cue the In Conversation with Old Mutual virtual event which took place on 16 September 2021.

It was all about encouraging debates and opening our minds to the importance of financial planning to protect and secure our families and our futures.

Strategic Retail Marketing Manager Karabo Ramookho facilitated the chat during the insightful online event which focused on relationships, health and finances. If you missed the live event, we’re sharing some notable highlights.

The speakers' conversation covered everything from spending "plastic money" (aka credit cards) to breadwinners who pass on without making necessary provisions for loved ones, divorce and disability – plus normalising regular financial meetings with the family.

John Manyike, head of Financial Education at Old Mutual, spoke about the importance of encouraging financial education, talking to your children about money from a young age and making better financial decisions today in order to secure your financial future.

Notable stats shared:

  • Karabo shared 2020 Old Mutual claims stats that found the average age for men claiming disability was 47 and the average age for women was 43. The figures were up by 3.5% from the previous year.
  • Old Mutual paid out R871 million for illness cover to clients who suffered heart attacks, strokes and cancer-related illnesses.
  • According to the Old Mutual Savings and Investment Monitor 2021 results, 38% of people who invest with Old Mutual are still earning less than they did before Covid-19 due to salary cuts or adjustments made after a partner lost their job.
  • The 2021 results also revealed 34% of the people have only one to two months’ worth of salary savings available in the event of losing income.
  • Overall, 42% of people are experiencing a high level of financial stress, based on the recent Old Mutual Savings and Investment Monitor 2021.

These financial setbacks lead to many problems in households, especially with couples who do not plan together and have open discussions about finances. 

We particularly enjoyed John's suggestion that the CEO – the Chief Enjoyment Officer – needs to be "fired" if families are to make sound financial decisions. 

Fellow speaker Melusi Tshabalala advised: "Don't buy the most expensive thing you can afford." He spoke from personal experience, when he was a young man and focused more on having the finer things, than on savings.

John emphasised the impact of living in the "now" and not planning ahead: "It's important to speak to a financial advisor to discuss all the different types of risks and how to safeguard your family."

From speaking about joint finances as a married couple, to finding out about tax-free savings and planning for your children’s education – these are the conversations we need to be having with the experts.

You can speak to a financial adviser to help you plan to protect and secure your family and your future. Click HERE for more information.

During the event, signed copies of Melusi’s books were given away in a lucky draw, as well as 10 000 Old Mutual rewards points to help attendees on their way to financial security.

Here's to making a change, today!

Old Mutual Life Assurance (SA) Ltd is a licensed insurer and FSP.

This post and content is sponsored, written and provided by Old Mutual.

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