National Savings Month: Are you a slasher?

We’re right in the middle of National Savings Month and Old Mutual reveals that South Africans are working double time or are more business- minded now because of the economy.

According to the research manager, Lynette Nicholson the rand being poor and the inflation of the country are driving SA residents to work a lot harder in order to fund their lifestyles and to be able to provide for their families.

The 2017 Old Mutual Savings and Investment Monitor research findings released earlier this month usually trails new money trends in the country every year to show where urban South Africans are financially.

“Although South Africans continue to save too little, they are resourceful when it comes to overcoming financial challenges.

A growing number of people in working metropolitan households – particularly in the middle of upper-income brackets – are finding ways to supplement their incomes by having more than one job.

“This reflects a global phenomenon that led to the term ‘Slashers’ being coined, referring to the slash between their job titles: for example, editor – slash – nail technician,” said Nicholson.

A further 943 people earning R5000 and above were surveyed online and from that group 37% fall under the slasher category either they are self-employed or have a part-time job to keep afloat.

Nicholson “Of this group of Slashers: 13% stated that they had an additional job that was similar to the work they do every day e.g. a chartered accountant who helps friends and families for a fee with their personal finances.

24% stated they did something totally different to their primary job. e.g. a communication manager by day, a yoga instructor by night.”

South Africans are looking to be business owners this year, with the bulk of the aspiring entrepreneurs in the 35 – 49-year age group.

Saving or investing your income regardless of how you make it is important because it can help you venture off into your own business one day because about 68% of SA residents said they had funded their own business from their own pockets.

“Out of necessity, great things can be borne.”

We believe that through collaboration and partnerships between the small business sector and the corporate and private sectors, we can help to build a better future and a stronger national savings culture.

Think of empowering enablers such as skills and business development support, financial education, training, SMME funding, mentorship and expert financial advice.

All indications are that by working together it is possible to enlarge this engine of growth – the small business sector – for the benefit of the whole country,” said Nicholson.

Entrepreneurship is something that needs to grow in South Africa because that can lead the country to grow financially by reducing unemployment as more job opportunities will be created.

Don’t be left out in the cold this winter with no financial plan that will benefit you ahead of time, join the slashers and become an entrepreneur so you can contribute not only in your personal capacity but also help the stagnant economy pick up on the world radar again.

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