The ‘tax traps’ catching ordinary South Africans off guard

Many South Africans believe that if they earn below the tax threshold, R95,750 annually for those under 65 in 2026, they don’t need to file a return. This assumption is dangerously wrong.

Gus Arnold, tax specialist at financial advisory firm NMG Benefits, says that the Income Tax Act technically places the onus on anyone earning even R1 to file a return with SA Revenue Service (SARS): “Seemingly minor financial events can unexpectedly force you to file. A savings- or two pot-withdrawal creates a second income stream that’s taxed as normal remuneration. Having more than one IRP5 generally makes filing a tax return compulsory, as SARS requires all sources of employment income to be declared and assessed together.

Other events include accruing bank interest exceeding R28,300 annually for under-65s (R34,500 for over-65s); making a profit from selling assets such as shares, unit trusts, cryptocurrency, or your primary property for over R2.5 million; and earning income from foreign dividends and rental properties.

Arnold breaks down other areas that are commonly misunderstood:

Confirming auto-assessment: Many assume when SARS auto-completes their tax return, it means they’re fully compliant. But, even with auto-assessment, you must check and confirm the accuracy of the auto assessment. You have only to the end of the filing season 23 October 2026 to change your 2026 assessment, starting on 1 July, to confirm, and you only have this 80-day period from assessment date in which to dispute or correct auto-generated errors. After this, you may start to incur late-submission penalties on outstanding amounts.
Checking auto-assessment: Check that all IRP5s from multiple employers, and the certificates from your medical scheme and savings vehicles, are accounted for. Additional allowable medical expenses (over and above your monthly medical scheme premium) should also be included. Check that interest earned from banks, and capital gains events, are reflected. Also ensure that source codes are identical across IRP5s and SARS records.
Doing nothing: Penalties can be up to R1,000 per month for non-submission. Arnold shares a striking example: “Someone who paid R800 tax on a savings withdrawal could potentially get this refunded if they file. If not, they could be liable for thousands in penalties and SARS debt.”
Provisional Tax: Provisional tax is a system that includes non-remuneration income which is paid in up to three advance payments in six monthly periods. Self-employed individuals must pay provisional tax, and SARS can also classify people with multiple income sources as provisional taxpayers. This means tax is paid in two instalments during the tax year instead of monthly. The first payment is based on an estimate of 50% of your expected annual tax liability, and the second ensures that, in total, you have paid about 90% of your expected tax for the year. After the person financial year ends, a final assessment is required based on your actual income, which determines whether you need to pay third additional or top-up payment or receive a refund will be caried forward to the next tax period.

Some individuals with normal remuneration and other taxable income (earned from interest, foreign dividends, rental from letting of fixed property and remuneration from unregistered employer) more than R30,000 might be required to register for provisional tax and follow a different assessment requirement.
Two-pot withdrawals are taxed at marginal rates and can push you into a higher tax bracket. Arnold warns that spending the entire withdrawal without setting aside money for tax can be an expensive mistake.

Practical steps to protect yourself

SARS’ tax simulation calculators on e-filing and the SARS Mobi App you can test the tax implications of a lump-sum withdrawals or taking a saving withdrawal from your savings Pot, helping you to make better decisions.

It’s also a good idea to work with a financial planner or tax specialist if you’re unsure about tax, budgeting, saving, and planning.

Arnold notes that misunderstandings generally stem from complexity, not deliberate non-compliance , but the truth is that no one can afford to ignore their tax status, not even low-income earners or pensioners.

“Taking action early lowers the likelihood of tax hardship and penalties, and helps prevent debt accumulation,” says Arnold. “NMG’s telephonic M1 advisory service supports clients through financial complexities and our free WhatsApp tool, Smart Alec, answers financial planning questions for all South Africans. We know that most errors aren’t intentional, and these tools offer accessible support and broader financial education to help make tax compliance and long-term financial security achievable for all.”

The 2026 tax season

✔ Provisional taxpayers: 13 July 2026 to 22 January 2027
✔ Auto Assessments: 1 July to 12 July 2026
✔ Non-provisional individuals: 13 July to 23 October 2026

Have you got a Will? (and is it up to date?)

If there’s one thing many people delay, it’s creating or updating a will. It often feels like something you can “get to later”—but it’s one of the most important parts of your financial planning.

A valid will ensures that:
• Your assets are distributed according to your wishes,
• Your loved ones aren’t left dealing with unnecessary complexity,
• You can nominate guardians for minor children,
• Your estate is managed efficiently.

Without a will, your estate will be distributed according to default legal rules, which may not align with your preferences.

It’s also important to remember that while retirement fund benefits are handled separately through trustees, your personal assets, investments, and property form part of your estate—and your will guides how these are dealt with.
A will is not a “set and forget” document. You should review it whenever your life changes—marriage, divorce, children, or changes in financial position.

Good estate planning goes hand in hand with life cover. Together, they ensure that your loved ones are protected not just financially, but also practically, during a difficult time.

Online Gambling at your fingertips

The Covid years saw a rise in first-time players attracted to online betting, with traditional gambling losing market share. Online gambling allows bets to be placed anywhere, anytime, on smartphone apps that are specifically designed to encourage daily bet placing. The apps make it easy… register, deposit and play in minutes on the smartphone that you already own.

Online gambling exploits hope, convenience and the psychology of loss chasing and aggressive advertising campaigns position betting as a skill and social ritual.

Data from the National Gambling Board (NGB) and Stats SA show just how this trend has impacted the economy and households. In September 2025, Stats SA reported that gambling makes up more than half (54,5%) of household spending on recreation, sport and culture category in the consumer inflation basket. The NGB’s statistics show that the reason for gambling is increasingly connected to financial strain.

What may start as a harmless thrill gradually turns into dependence that disrupts livelihoods and relationships. The societal effects of gambling are often catastrophic for gamblers and their loved ones. Many people gamble money intended for essentials, leading to increased household debt, food insecurity, children affected and partners driven to borrow or steal to cover losses. Excessive gambling depletes savings accounts and derails financial goals, like retirement planning, education funding, or property investments, leaving those affected financially insecure. The psychological effects affect mental health and can lead to depression, suicidal thoughts and actions.

Like any addiction, it’s important to accept that gambling has become an issue and seek support. Set limits, create a budget for entertainment and stick to it. Avoid triggers and stay away from gambling activities and advertisements. Create alternatives for entertainment, new hobbies and ways to occupy your time.

Will AI replace financial advisers? Short answer: no

Only around nine percent of South African households consult with a financial adviser. At the same time, South Africans are underinsured by at least R2.4 million per income earner and financial literacy remains stubbornly low compared to global figures – even in high income households.

Against this backdrop, the question is not whether AI will replace advisers. The question is whether advisers can afford not to use it if they are to bring financial education and better advice to more people.

Stian de Witt, CFP®, Head of Financial Planning at NMG Benefits, is unequivocal: “AI will not replace the financial adviser, but it will transform the role.”

From threat to tool

Much of the public debate frames AI as a job killer. In advice businesses, this fear is understandable. Onboarding, compliance, portfolio monitoring, and reporting are already being automated. Rebalancing models can run in seconds. Digital underwriting engines can estimate life expectancy based on actuarial data and adjust retirement projections in real time.

But De Witt argues that this shift should be welcomed, because routine and analytical tasks are precisely where machines outperform humans. They are consistent. They do not tire. They process vast datasets without error.

He says that, often, highly trained people do robotic work, but are expected to instantly switch to empathy when a client calls. But when AI takes over the robotic work, it frees advisers up to focus on strategic decisions and deeper engagement.

The risk of blind automation

Yet the adoption of AI is not without danger. Biased algorithms can skew product recommendations. If data is incomplete or unbalanced, outcomes may unintentionally favour certain groups or providers. In financial services, this has direct implications for fairness and trust.

“Any perceived unfairness can push a client away,” De Witt notes. “And the brokerage is accountable. The AI does not carry the liability.”

Global regulators are sharpening their focus. The EU AI Act classifies many financial AI applications as high risk. It requires strong governance frameworks, human oversight, and demonstrable controls. Even outside Europe, regulators and insurers increasingly expect firms to prove responsible AI governance, not just compliance on paper.

For South African advisers, the message is clear: efficiency gains cannot come at the expense of transparency. Advisers must understand how their models work, interrogate outputs, and document oversight. Ethical risk is business risk.

A hybrid future

“If AI excels at pattern recognition, advisers excel at pattern meaning,” says De Witt. Retirement planning illustrates this distinction, with research showing that loneliness in retirement can increase the risk of premature death even more than smoking 15 cigarettes a day would do. No algorithm can fully capture the emotional weight of this statistic in a conversation with a client.

“Financial advice is fundamentally human. Clients face emotional decisions and personal complexities where purely data-driven guidance is not enough,” says De Witt.

This is particularly relevant for younger clients. Gen Z consumers are comfortable with apps and digital tools. They expect speed, accessibility and personalisation, and they will not engage with clunky processes.

But this digital fluency does not equal financial wisdom. In a country with low literacy and deep inequality, the adviser’s role as behavioural coach becomes even more important.

Building advice businesses that last

The opportunity lies in redesigning advisory operating models. This means embedding AI into workflows, investing in governance, and learning to interpret machine-generated insights. Because, while AI can surface data, highlight that a client’s projected longevity has increased, and flag spending anomalies or underinsurance gaps, it cannot sit across the table and ask what will give a client purpose and dignity in later life.

“Humans will always want connection and empathy” De Witt says. “When the stakes are high, they want a relationship. They want someone who understands their context and is accountable. In a country where millions still navigate complex financial decisions alone, the need for trusted, capable advisers has never been greater.” As Louis-Neil Korsten of Spock.ai said: “AI will not take people’s jobs, but people who use AI will”

Why financial compatibility is the new relationship green flag

Money doesn’t just influence what you can afford – it shapes how you build a life together. In fact, financial stress continues to be one of the most significant sources of tension in relationships. Understanding your partner’s approach to spending, saving and planning can dramatically improve not just your financial future, but also your emotional connection.

“Your money habits are part of who you are,” says Stian De Witt, CFP®, Executive Head of Financial Planning at advisory firm NMG Benefits. “When partners understand each other’s financial mindset - whether one’s a saver and the other’s a natural spender, they’re better equipped to make decisions that support both the relationship and their long-term goals. It’s not about agreeing on everything; it’s about creating clarity, fairness, and a shared direction.”

Start with the basics: your financial personalities.

Every couple has their own blend of money habits. One partner may love budgeting, while the other might be more carefree with spending. These differences don’t have to cause conflict - but failing to talk about them often does. Understanding each other’s financial personality creates space for more aligned decisions, from daily budgeting to long-term planning.

Build a foundation for stability.

Healthy relationships thrive on structure, and that includes financial structure. Agreeing on how you’ll manage income, split expenses, and handle financial admin helps avoid resentment and ensures both partners feel seen and respected. A fair system leads to fewer arguments and more teamwork.

Create shared goals that excite you both.

Whether it’s a dream trip, a first home, or planning for a future family, shared financial goals bring couples closer. When you plan together, you’re not just talking about money - you’re talking about your hopes, timelines and priorities. This promotes deeper communication and a stronger bond.

Financial transparency builds trust

Financial infidelity can be as damaging as emotional infidelity. Transparency creates trust. When partners plan together, set goals together, and openly share financial realities, it becomes easier to stay aligned and avoid surprises.

Navigate life’s transitions as a team

Life changes - new jobs, relocations, kids, changing priorities- all come with financial implications. Regular check-ins help couples adjust their goals, stay on track and support each other through each stage. These conversations strengthen the connection and ensure both partners feel secure.

“At the end of the day, money isn’t just about rands and cents, it’s about shared dreams,” says De Witt. “When couples take the time to understand each other’s financial habits, they’re not just planning for financial success. They’re investing in the success of their relationship.”

How employee debt is actively eroding SA' workplace productivity

South Africa’s employee wellness challenge is a daily operational risk. Debt stress is now so widespread and acute that it is actively eroding productivity, attendance, and workplace engagement. And the data is sobering: across one employer group of 3,000 people recently assessed by advisory firm NMG Benefits, employees were carrying over 15,000 active debt accounts. More than half of these were in arrears, with the outstanding amount totalling R881 million.

Further, NMG’s Employee Benefit Index research shows that employees spend up to 80% of their salary within the first five days of the month, leaving more than three weeks unsupported.

“When you see numbers like these, you have to accept that financial distress is not a personal failing,” says Lettesha Pillay, Head of Business Development at NMG Benefits. “Rather, it is systemic and structural.”

The behavioural effects are immediate. In one NMG survey, employees were asked whether they would prefer to receive R1,000 today instead of a larger amount in 12 months, and a significant majority chose the immediate payout. “This is a mindset of crisis. People are not choosing badly. They are simply trying to cope,” says Pillay.

Recognising this, NMG developed its Employee Benefit Index: a data-driven diagnostic analysis that gives employers a grounded understanding of their individual workforce’s financial, emotional and physical wellbeing. The Index draws on anonymised financial records, medical scheme insights, employee assistance programme usage, payroll trends, and employee survey results. It then produces an employer-specific wellbeing score and a breakdown of the root causes affecting workforce stability.

“The power of the Index is that it gives leaders clarity on how to act,” explains Pillay. “Financial wellbeing is often the lever with the fastest measurable impact, but it has to be tailored to a workforce’s actual realities.”

Those realities are often hidden costs and leakages. In one employer group, NMG identified R6.8 million in prescribed debt that should have been written off but was still being pursued. In another, employees were paying flat-rate credit life premiums that did not decrease as their balances reduced, meaning that they were overpaying for shrinking risk.

These Index insights are what shape NMG’s SalarySaver programme; a solution designed to tackle the biggest, most damaging financial drains head-on. One of the most common issues NMG uncovers is the ‘stacking’ of funeral policies, where employees paying for multiple policies, each with its own fees and commissions. SalarySaver consolidates these into a single policy that covers the main member’s immediate and extended family, significantly lowering monthly premiums.

Another major source of pressure is the proliferation of garnishee orders, many of which, says Pillay, “do not comply with jurisdictional requirements or stem from responsible lending”. SalarySaver’s financial professionals negotiate with creditors to reduce or remove interest and fees and to discount capital wherever possible.

The impact is measurable. “On average, we have saved 40-50% on employees’ monthly insurance and debt costs since making SalarySaver available,” says Pillay. “This, in turn, has helped plug the 23% decline in employee effectiveness caused by financial stress.”

SalarySaver also includes a first-of-its-kind retirement annuity that accepts variable monthly contributions – a realistic structure that enables employees benefitting from savings to start investing in their futures.

“Every employer group has a completely different set of pressures and levers,” Pillay emphasises. “If you do not understand your workforce at a granular level, you cannot provide practical assistance. You also cannot protect your business from the operational impact of their financial stress. This is where our Employee Benefit Index, combined with SalarySaver implementation, provides a solid base for meaningful change.”

How to manage your first pay cheque to retirement

For many women, the path from receiving a first salary to securing a comfortable retirement can feel like a long uphill journey. Factors like the gender pay gap, single parenthood and extended family responsibilities, and potential career breaks due to motherhood, compound how difficult it can be to save and invest for future financial stability.

Natasha Huggett-Henchie, Consulting Actuary at financial advisory firm NMG Benefits, says that seeing where you want to be at retirement age, and then being disciplined about what it will take to get there, are crucial. “Ideally, your very first pay cheque should also be the source of your very first saving contribution. The key is to make the commitment when you start working, so that you become accustomed to not even seeing the money that you are putting into your savings.”

Why is this early start so important? The answer is simple: compound growth. The first rand you invest can be the biggest by the time you retire. Setting up a debit order that moves 10% to 15% of every pay cheque into a secure retirement savings vehicle is a commitment that will stand you in good stead down the line.

Managing debt is another crucial step. Huggett-Henchie recommends paying off high-interest debt, such as student loans or credit cards, and then redirecting those monthly payments into your retirement fund. And then, there is the emergency fund every woman should have. Always having enough money set aside to cover at least three months’ living expenses provides a buffer against unexpected costs like urgent car or home repairs, or medical emergencies.

Insurance also plays a critical role in protecting your financial independence. While many South Africans hold multiple funeral policies, Huggett-Henchie cautions that this can be unnecessary and expensive. “There are more efficient ways to cover your immediate family, which can significantly reduce premiums,” she explains. Further, income protection and disability cover guard against the risk of being unable to earn an income due to temporary or permanent illness or disability. And again, the sooner you start, the better off you will be. “The younger you are when you take out this kind of cover, the less expensive it is – and you are protected against possible exclusions due to ill health if you apply later in life.”

As you progress, investing wisely is like packing the right supplies for the journey ahead. Unit trusts offer a good starting point, allowing for steady accumulation of wealth with manageable risk. The trick? Start small and increase contributions as your financial situation improves.

Huggett-Henchie also advises that women avoid delegating investment and financial decisions to their partners. Practical steps for being informed and involved include maintaining individual bank accounts alongside a joint household account, and discussing shared finances. Having an antenuptial contract with accrual is another key measure. This protects your personal assets and savings, especially in the event of divorce or financial challenges relating to self-owned businesses.

Throughout this process, working with a trusted financial adviser is like travelling with an experienced guide. A professional adviser can help you navigate savings, investments, insurance, and estate planning. Building a long-term relationship with an adviser ensures your financial roadmap is continuously optimised for your changing needs and life stages.

Finally, creating a legal will is a vital milestone on your journey. It ensures your estate is handled according to your wishes and provides certainty and protection for your loved ones.

The road to retirement is rarely smooth. It involves crossing bridges, navigating detours and, occasionally, repacking your suitcase to lighten the load. But, setting a clear course early, saving every month, and seeking expert guidance, women can steadily advance towards being able to enjoy a secure and dignified retirement, say Huggett-Henchie

Closing the retirement savings gap

South Africans have a retirement savings problem. Research shows that only six out of every 100 South Africans will be able to retire comfortably. On top of that, Deloitte reports our national savings rate is just 0.5%; far lower than most emerging economies. In other words, many of us are heading towards retirement with too little put away.

For women, the challenge is compounded by the gender pay gap. South African women typically earn 23% to 35% less than men for the same work, all while juggling similar bills, debt, and family responsibilities.

“It’s a double hit,” says Natasha Huggett-Henchie, Consulting Actuary at financial advisory firm NMG Benefits. “You’re working with less income from the start, which makes it harder to save, but you also need your retirement savings to stretch further because women tend to live longer than men.”

So, how can women start turning the tide? Here’s a practical, do-able plan to help you close the gap and build a stronger retirement future.

Make retirement saving non-negotiable: Treat your future self like you’d treat an essential household bill. “Building your retirement fund is a lifelong project,” says Huggett-Henchie. “The earlier you start, the more time your money has to grow. Even if it’s tough now, commit to making saving for your retirement part of your monthly budget.”

Increase your contributions; even a little helps: The biggest reason people fall short at retirement is simple: they didn’t save enough during their working years. Review your budget line-by-line and see where you can trim back. Even a small increase in your monthly contributions today can add up to a significant boost in 20 years’ time.

Audit your expenses and cut the waste: Be honest about where your money goes. Many of us have subscriptions we never use or habits that quietly drain cash. By cancelling what you don’t need or swapping to cheaper options, you can redirect that money into your retirement fund. Your future self will thank you.

Take the driver’s seat in family finances: Far too often, women leave the bigger money decisions to their spouse or partner. Huggett-Henchie believes this is a mistake: “Know where the money comes from, where it’s going, and how much is being saved. Always know the current state of your financial affairs and review your insurance arrangements and retirement benefits at least annually. Financial awareness is power – and protection.”

Get expert advice: Putting money away is a great start, but a qualified financial adviser can help you make it work harder. They’ll assess your goals, suggest tax-smart strategies, and ensure your investments are right for your timeline and risk tolerance.

Maximise tax efficiency: The SA Revenue Service (SARS) gives you an annual gift of a tax deduction on your retirement funding contributions. Use it don’t lose it! For example, if you earn R270,000 per annum and you contribute 10% (R27,5000) to a retirement fund per annum, you could get back R7,150 (26%) when you submit your annual tax return the following year. Or if you do this via a payroll deduction, you get it back immediately. Therefore, for every R1,000 you contribute, it’s the same as SARS contributing R260 for you and you contributing only R740. But the full R1,000 plus investment growth is credited to your retirement fund for when you ultimately retire.

Adapt according to your life stage: We know that there is a time when we are all particularly financially stretched which is when we have kids to support. It’s OK to reduce (but not Stop!!) your contributions to a retirement fund during this time. However, when you are through the chaos, you have to “pay back the money” and really go all in with maximising your contributions in your last 15 years of working to make a difference.

The reality check

Many of us imagine retirement as a time to relax but, without enough savings, it can bring financial stress instead. “For women especially, retiring earlier than expected or without a plan can mean relying on relatives to make ends meet,” says Huggett-Henchie. “A well-structured retirement plan can reduce that risk and give you more independence in later life. Closing the gender gap in retirement savings isn’t just about numbers. It’s about giving yourself the freedom to live your later years on your own terms.”

Why single parents cannot afford to put off writing a will

More than 85% of South Africans do not have a will, and five out of six estates registered at the Master of the High Court in Pretoria are not executable because they are not legally compliant. According to the FSSCA (Financial Services Sector Conduct Authority) 5 million single mothers are not leaving guardianship instructions for their children, and more than 60% of children born in South Africa does not have a father on their birth certificate. Lastly, 8.7 million homeowners and 5.4 million car owners not ensuring that their assets are distributed according to their wishes.

Stian de Witt, CFP®, Executive Head of Financial Planning at advisory firm NMG Benefits, explains that if someone dies intestate (without a valid will) their estate is wound up by the State, and this can be a slow and complicated process, with outcomes that may not reflect the deceased’s wishes – especially when they are survived by minor children: “Children may not be financially protected, or someone you did not choose may end up being responsible for their care.”

Five essentials every single parent should know

1. Drawing up a will is simple: Essentially, you must be of sound mind, over the age of 16, and sign your will in the presence of two witnesses who are not beneficiaries. NMG Benefits provides an easy, free, online platform where you can write a will, update it any time, and safely save it for when it is needed.

2. Update your will regularly: Life changes quickly, and an outdated document can lead to conflict. If you marry, have another child, or an intended beneficiary passes away, you should update your will.

3. Choose your executor carefully: Your executor ensures your debts are paid and assets distributed. It is vital to nominate someone you trust, and who can navigate the legal and financial process. If you do not name an executor, the Master of the High Court will appoint one, and this person might not carry out your wishes.

4. Form a trust for minor children: If your children are under 18 and you die without a will, the assets you leave for them will likely be managed by the state’s Guardian’s Fund, and the outcome may not be as beneficial as you would have wished. However, setting up a testamentary trust in your will allows a trustee whom you nominate to manage the inheritance in line with your wishes until your children reach an age you determine. “We always advise our clients to work with our legal professionals to ensure this aspect is watertight,” says de Witt.

5. Communicate your wishes
A will only works if your loved ones know it exists and where to find it. Talk to your family about your intentions and store the document in a safe, accessible place. “A will is there to make life easier for the loved ones left behind”, de Witt says.

A will is a legal document setting out how assets, debts, and guardianship of minor children should be handled after death. It forms part of your overall estate planning, but proper planning takes a broader view by structuring assets like pension funds, life insurance policies, and investments in the most efficient way to protect and transfer wealth to beneficiaries. Some kinds of investments and policies have their own beneficiary nominations, which are guided by the law, and which override your will. If you do not update these documents after major life changes, these benefits may end up being paid out to the wrong individuals.

“While anyone can draft a will, professional guidance helps avoid costly mistakes and, for single parents, the stakes are especially high,” says de Witt. “Your will is a safeguard for your children’s future and a way of protecting the legacy you are working so hard to build. Working with a Certified Financial Planner® will help ensure your wishes are carried out after you pass away.”

The modern woman's guide to building wealth

For many women, investing is one of those ‘I’ll get to it later’ items on life’s to-do list, somewhere after putting food on the table today, paying next month’s bills, and saving for next year’s school fees. But, delaying investing now can mean delaying your financial independence later in life. And women simply can’t afford to do that.

This is according to Raazia Ganie, Executive Head: Investments at advisory firm NMG Benefits: “We’re seeing that women are increasingly the decision-makers in their households. This makes it more important than ever for women to be financially literate and empowered.”

The truth is that investing well begins long before you start a retirement fund, or buy your first share or unit trust. It starts with budgeting. “Many households set aside little silos of money. One for bills, one for emergencies, and one for ‘spoils’ like holidays. This is the foundation of good financial planning,” Ganie explains.

Without this discipline, lifestyle spending can creep up. The allure of credit cards, deals on things we don’t really need, and ‘buy now, pay later’ offers is real. Used wisely, these tools can help with essential purchases or emergencies. Misused, they can quickly spiral into debt. “A credit card is essentially a loan at a very high interest rate,” Ganie cautions. “If you pay it off in full during the interest-free period, it can work in your favour. But outside of that, it becomes expensive and paying it off (which is the right thing to do) may mean that there isn’t much money left to invest.”

Too often, women view insurance as a grudge purchase. Ganie urges a mindset shift. “Short-term insurance is an investment in your financial wellbeing. You may not see a tangible benefit every month, but when life throws you a curveball, like a car accident or a burst geyser, you’ll be grateful you’re covered.”

When it comes to long-term insurance, a vision of how you want to live when you retire and how you want to provide for your family after you’ve passed on, combined with advice from an accredited financial planner and disciplined investing, are essential.

The good news? Investing has never been more accessible. Many platforms and bank-linked apps now let you invest small amounts – less than a hundred rand a month into the stock market. “You don’t need thousands upfront. Small, consistent investments compound over time, and grows quietly in the background,” says Ganie.

This wisdom applies to retirement savings as well. And, for those women who’ve been saving diligently for when they go on pension, withdrawing the ‘savings pot’ from their retirement funds offers an alternative way to pay off high interest-bearing debt and for genuine emergencies where all other avenues have been exhausted. This is particularly relevant when interest rates are higher than the returns available on your retirement fund.

Perhaps the most important investing tip for women is to stay informed. Whether you’re the one currently managing the household budget or not, life circumstances change. At some point, every woman will need to take charge of her finances, and the importance of partnering with a financial adviser at every life stage can’t be over-stated.

Ultimately, investing as a modern woman shouldn’t be about giving up the joys of traveling or occasional spoils. It’s about balance. “Build the financial foundation first and then you can enjoy life’s luxuries. When your debts are paid off and you’re investing regularly into your future, you and family can live without stressing about what’s to come. That’s the real power of investing as a woman today,” says Ganie.