Fiscal policy directly affects citizens’ well-being
Which is why the country will be hanging on Gigaba’s every word when he delivers next week’s medium-term budget policy statement, writes Lesiba Mothata
Fiscal policy has a direct impact on the financial well-being of all South Africans. The way in which state finances are managed affects the quality of public services received, how consumer savings are protected, and overall peace of mind about financial prosperity. In a sound and healthy environment, financial wellness is achieved when people have full control of their personal finances, have the ability to withstand an unpredictable financial shock, have clear financial goals with a high likelihood of attaining them, and have the financial liberty to make choices to live fulfilled lives. One of the primary goals of fiscal policy is to increase the certainty that financial wellness can be achieved. For those not able to earn an income once they reach their retirement age, fiscal policy can provide the assurance they will receive their life-long savings accumulated throughout their working lives. Our research shows that only 6% of South Africans retire comfortably. Most workers arr...
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