The right mindset for the new year - Together we can start 2024 stronger
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For many, the new year is a time to reflect on our aspirations for the months ahead, but it can also be a time that brings with it recurring financial hurdles and anxieties.
Recent data indicates that about one-third of the South African population is facing financial strain due to job losses, business closures and the rising cost of living.
A TGI SA 2022C 24744 study, representative of 28 million South Africans, shed light on the stark realities of the financial situation in South Africa. The study found that:
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A staggering 25.1% of the population is just managing to cope with their current income.
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When shopping, 77% of the respondents indicated that they’ve resorted to strategic shopping and hold out for sales and look out for specials and the lowest prices to help stretch their budgets.
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Additionally, 8% of respondents reported experiencing job loss or business closures in the past 12 months.
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While 31% - a whopping 2.6 million full-time employed South Africans, admitted to struggling to afford the basics like food and rent, and having to make ends meet.
One of the key reasons behind these financial struggles is the lack of proper financial planning. Only 21.7% of South Africans surveyed by TGI turn to professional financial advisers or brokers for guidance, and a mere 2.48% consult them when making critical decisions about funeral cover and life insurance, savings (for retirement or personal reward), and investments. Unsurprisingly, 21% prefer seeking advice from family and friends when making financial decisions.
So, what do you do when it feels like you’ve done all you could? As part of our We Start 2024 Stronger campaign, we at Metropolitan are delving into the glimmer of hope that lies in starting the year stronger by reframing your mindset and tapping into your collective networks for support and tools, plus looking to experts for financial advice.
We realise that addressing financial concerns goes beyond numbers and policies. It's about embarking on a collective journey to understand financial pain points and anxiety, and then equipping you with the knowledge you need to better manage your financial matters. And in so doing, we’re helping you alleviate the strain of feeling helpless because there’s often “more month than money”, and helping you see what a small change to your mindset can do to improve overall mental wellbeing.
In the face of financial and emotional stress, our We Start 2024 Stronger campaign seeks to offer simplified, practical solutions and support (without the jargon and psychosis) through unpacking the aspects below:
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Identifying financial anxiety and how to deal with it.
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Tips on how to set clear boundaries and stay on the path to your goals without damaging relationships.
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How to change your mindset from “never” to “not now”.
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Making support normal and how to reach out to your collective for help, or to offer support when one of your own is going through the most.
By giving you tools to focus your mind on what you can influence, we will help you reset and embrace the year with a positive mindset and attitude.
At the foundation of our campaign is conversation – having conversations and dispelling the taboo surrounding shared experience about finances, family and feelings of helplessness. So, this year we’re taking to the airwaves with a five-episode radio segment focused on providing accessible and relevant financial knowledge, to empower you to take control of your anxieties and make informed choices.
#WeStart2024Stronger is not just a campaign by a financial services provider; it's a rallying call for South Africans to come together, share our experiences, and equip ourselves with the knowledge and tools necessary for financial empowerment. By doing so, we can collectively navigate the uncertainties of the future, setting the stage for a better financial decision-making and positive progress towards our life goals.
Speak to one of our expert financial advisers today. You + Metropolitan, together we can.
