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According to the 2015 Old Mutual Savings & Investment Monitor, the number of people who are supporting their children as well as their parents is growing. A quarter (25%) of all working metropolitan South Africans now fall into this Sandwich Generation category, the highest percentage since the Monitor’s launch in 2009.
At the start of the 20th century, one in 20 people in their 60's had a living parent. Today, that figure has increased tenfold. Couples starting families much later and adult children staying at home longer have also contributed to the significant rise in numbers.
Saving for their retirement while supporting both their children and parents is placing a huge financial burden on this generation, reducing their savings and investments. In addition, many South Africans are now unable to save for their children’s education, which could negatively impact the workforce of the future.
Unfortunately most people don’t plan for such a circumstance and are ill prepared when it becomes their reality. Here are a few tips to avoid being squeezed:
Awareness of the need to save doesn’t necessarily drive positive savings behaviour. Only proactive behaviour and a willingness to stick to a financial plan will ensure financial freedom. If you need help identifying your family’s needs, contact an Old Mutual adviser or accredited broker today. They will assist you with identifying your long-term goals and guide you on how to manage your money smartly.