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Here to help you cope with tough financial times

13 February 2024
4 minute read

Don't miss our third annual 1Life Generational Wealth Survey results, which show that very few are unaffected by the cost-of-living increases, including interest rate hikes. But, you are coping! Many of you are earning a little extra from side hustles, and everyone is reworking their budgets - prioritising essentials and cutting back! And building wealth for future generations is still a top priority!  

Plus, find out how we are helping our policyholders in these tough times with financial education courses and debt management services from Truth About Money, a 1Life Insurance initiative.  

More than 50% have money worries and anxiety 

If you are feeling anxious about money and focusing on just getting by, you are not alone! 57% of survey respondents said they are just surviving and 51% worry about how they will meet monthly expenses such as rent, home loan repayments, rates and utilities, followed by whether or not they will be able to adequately support their families.  

Finding ways to cope 

Balancing budgets in a time of rising prices is hard! South Africans have cut back, and in some cases cut out non-essential expenses. For some this has been enough, but for many it has not and paying monthly essentials such as transport has required additional funds.  

  • 31% have started a side hustle or taken a second job to make ends meet 
  • 73% have used savings and investments to get by 
  • 51% have taken out a microloan or advance on their salary 

Side hustles are good ways to earn extra, without having to incur huge expenses in setting up a business. You can read more about side hustles and how to market them in this blog.  

Brutal budget cuts may still be an option to avoid excessive debts and stress. These include cutting down on big ticket items such as housing and transport costs by downsizing and ditching the cars for public transport. Difficult, but if it means you balance your budget, your money stress should reduce enough to let you get a really good night’s sleep!  

You can learn more about tough love tactics for your budget in this blog.  

Moving from generational debt, to creating generational wealth 

You really want to build your generational wealth and care for your family for generations to come! 84% of survey respondents believe it is important to leave generational wealth for their loved ones, including leaving a home or property to the next generation and having life cover. Even more, 87%, believe it is expected of them to ensure future generations have a secure financial future!  

However, when you worry about daily living expenses such as school fees and electricity bills, building generational wealth takes a back seat, and just less than half of survey respondents have kept all their insurance policies up to date.  

Life insurance is more than just a way to build wealth, it safeguards your family’s future and ensures that their costs can be met when an income earner passes away. 1Life Insurance policies can be tailored to meet your needs and your budget! Talk to us 1-to-1 today! 

1Life Insurance is here to help  

Balancing budgets has become the must-have financial skill. And yes, it is a skill! Which means you should ask for help, advice and learn as much as you can about money management so you can master your budgeting skills and balance your personal finances! Here’s where to learn more and who to ask for assistance. 

Learn more about how to manage your money 

You may not have learned how to manage your money well at school, but you can always improve your financial know how! Take a free financial education course such as Ditching debt to help you manage and reduce your debts, and Cash Crunch, to help you make it to month end with some money in the bank. These courses, from Truth About Money, a 1Life Insurance initiative, will help you become an expert money manager so you can live within your means, take control of your debt and grow your wealth. 

Ask for help 

With your budget: Ask a financial adviser for assistance with your budget. Your bank may also be able to offer advice on how to make your budget work for you.  

With your debt: If you have too much debt or are struggling to repay debts, consider debt review. 1Life Insurance policyholders can apply for debt management services from Debt Busters and Truth About Money for help with managing their debts.  

With stress and anxiety: If you are stressed, please chat to your GP or a counsellor or contact South African Depression and Anxiety Group for help. 

You can also find out who to ask for assistance with money worries in this blog

Keep talking 

Have a family meeting about your financial situation so that together you find ways to manage your budget, and talk to your financial providers including your bank, creditors and your insurers! They can offer expert, independent advice and help you find ways to save money and save for your future!  

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