Picture: 123RF/PIXELERY
Picture: 123RF/PIXELERY

In this edition of Business Day Spotlight, we’re talking to financial advisors about how to better structure one’s personal budget during Covid-19. 

Our host Mudiwa Gavaza is joined by Mariette Tappan, a Certified Financial Transitionist and financial consultant at Liberty; together with Irvin Tsimane, a senior manager for new strategic markets and financial advisor at Liberty.

Join the discussion: 

The discussion starts with the advisors talking about the coronavirus crisis and how it has affected personal finances for South Africans. 

Tappan says the crisis has really exposed what people prioritise for their lives and that not enough conversations about finances are being had in society, particularly within families.

Emergencies happen all the time in life but the lockdown has forced many to realise the need for good savings and investment practices.

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

Tsimane echos this sentiment, saying that even before the lockdown, South Africans were running on “auto-pilot” when it came to their finances. He says before Covid-19 hit SA and the rest of the world, SA consumers were already under immense pressure. 

The discussion explores what type of financial damage Covid-19 has caused for South Africans; what questions people should be asking their financial advisors in relation to their finances and the crisis; has there been any good to come out of the consumer pressure caused by the pandemic; and an outlook for personal finances for the rest of the year.

Both financial advisors say the main positive of the crisis is that it has forced people to relook their financial plans and get their affairs in order. 

Tappan warns that during this time of low interest rates, debt holidays and government relief, consumers should be careful not to fall into more debt, while Tsimane advises those with insurance policies or other investments to stay in the market, despite the volatility being experienced, so that they can reap the rewards in the long run. 

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Business Day Spotlight is a MultimediaLIVE production.