SPONSORED | Discovery_SA Financial health is far less about how much money you make than about what you do with it. It boils down to doing these five things, says Discovery Bank.
confirms that lower-income earners who control their financial behaviours typically have better financial health than people who earn more but have poor financial behaviours.”Saving regularly;Paying off property as soon as you can; andinto why people are typically not able to meet financial obligations shows that these five specific behaviours, if left unmanaged, are linked to 80% of financial defaults.
“Without adopting these behaviours, we can expect even higher levels of unaffordable debt and exposure to loss of income or unplanned expenses that are financially draining. In the long term, more people will not have enough income in retirement,” Kallner says.There is a definite link between financial knowledge and financial health. In an international survey on financial literacy, South Africans ranked the lowest out of 20 countries.
“With a better understanding of financial services and products, people are more in control of their finances. Those who are in the habit of saving regularly at the start of every month have emergency savings and can cope with unforeseen life events. Similarly, those who follow a budget have more money left in a month,” says Kallner.
The more you understand about working with money, the better your financial decisions, including managing debt and retirement planning.
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