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Financial education initiative to help manage your finances.
As May begins and South Africa honours Workers’ Month, the country’s employees are having to contend with a volatile economic climate and the sharply rising cost of living. This tough economic environment calls for cautious decisions, says John Manyike, Head of Financial Education at Old Mutual.
“Before making any changes that could affect your long-term financial wellbeing, carefully weigh up the pros and cons. This applies particularly to deciding whether or not to resign from your current job.”
Six key things to consider before handing in your notice:
“This is a major concern, and one of the reasons why our savings rate as a nation is poor. People who cash in their retirement funds instead of reinvesting or preserving the proceeds invariably have to rely on the State or their children when they retire.”
This situation is contributing to the growth of what is now termed the “sandwich generation”, the embattled middle generation that is financially responsible for both their ageing parents and their dependent children and even grandchildren.
“Debt should not be the reason for your resignation,” Manyike stresses. “Rather face your financial situation head on - however poor it might be - and put a strong financial plan together that will help you pay off your debts as quickly as possible and ensure you live within your means while securing a better financial future.”