Picture: 123RF/`Maksym Yemelyanov
Picture: 123RF/`Maksym Yemelyanov

In this edition of Business Day Spotlight, we’re looking at how savings and investment have been affected by Covid-19 for ordinary South Africans.

Host Mudiwa Gavaza is joined by Mike Estment, chair at NFB Private Wealth Management to talk about the issues.

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The discussion starts with the savings and investment trends that have been created by Covid-19.

The lockdown has cuts earnings for many South Africans, exposing the fact that many people don’t have savings on hand that they can count on to go through a difficult period.

Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI
Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI

Estment says the crisis highlights the importance for people to invest for the long term. People tend to focus on what is happening now, while forgetting that things tend to work out or get better overtime, he says.  

With the SA Reserve Bank having reduced interest rates to their lowest levels since 1960, Estment says less financially astute individuals may be vulnerable to financial scams or accumulating unnecessary debt.

The discussion also explores barriers to investment, the importance of savings to the economy, some pointers to help guide someone looking to grow their money, and the importance of seeking professional financial advice.

For more episodes, click here.

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Business Day Spotlight is a MultimediaLIVE production.