To close off the women’s month in style, Metropolitan hosted a Round Table filled with powerful women as panelists, to discuss how to save and psychology in finances.
We all know that savings has been one of the most challenging tasks for a regular South African, hosted by the renowned journalist, Ayanda Allie, Metropolitan brought up the discussion of savings and did some extensive research on what exactly is the struggle for people to end up not being able to save money as they plan to or as they would like to, and why so many people are in debt.
The Chief Marketing Officer at Metropolitan, Tlalane Ntuli revealed that the insurance and financial solutions company has created a digital Sisonke book for ordinary South Africans, so that they can also have a say.
Mapalo Makhu, the author of ‘You’re not broke, You’re pre-rich’ and the founder of Woman & Finance speaking on the psychology of money, she said: “Instead of us coming down as the financial experts or rather telling people what to do, why not turn the story around or turn the approach around, and ask those South Africans who are able to save to tell those who are not able to save what are some of the changes they make in their budget, that is giving them the ability to put a little bit away?”
She added that: “The psychology of money is about your relationship with money and how you perceive money.”
“Our relationship with money is also from experience and seeing how our parents did it.” The Senior Consultant at Old Mutual Corporate, Nozipho Mbere.
She added that as the Head of the Broker Channel at Metropolitan, she always tells people when going around the country is that “we are starting a revolution of changing the way people are dealing with money. We as the Broker Channel, I want us to be passionate about changing somebody’s risk profile.”
People have to be educated about also saving for their retirement. Mbere also stressed that people need to create generational wealth and learn the basics of finance.
Mashudu Lavhengwa was teaching on financial boundaries and discipline, and she said it’s important to have the budget for the list of things that you have to do on a monthly basis, so that you have a clear view of how much you spend and how much are you able to put away.