[LISTEN] 'People are switching to cheaper TV options, shopping at cheaper supermarkets, and cutting down on domestic help – which will put a dent in our employment numbers' - OldMutualSA's JOHN_MANYIKE on SAfmRadio MarketUpdate with FifiPeters.
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In fact, they’re getting poorer if you take into account inflation. Absolutely. At the moment it’s quite a tough one, especially if you consider the fact that the confidence level in our economy is at its lowest; I think about 27% of people have serious concerns about the economy, given all those challenges. But again, when you ask South Africans what their top financial priorities are you see that job security certainly tops the charts there. Of course people are stressed about the way things are going, and they just have to find other ways to survive.
The people who unfortunately have not been able to retain their jobs in this economy – what kind of behaviour have you witnessed in terms of how they have used either their pension or their provident savings? Absolutely. I think this means tighter expense management. It means you need to have a budget, stick to it, and do your best to live within your means. But also something quite important is really exploring alternative streams of income. We’re seeing that many younger people have a second income. So the days of relying on a single income, to be honest, are over – so you have to find alternative streams of income because that creates room for you to pay your debt faster.
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