Enterprise Africa - November 2018
It is worrying that so many South Africans remain concerned about their financial standing. For the past 18-months, the country’s big financial institutions have been researching the market and finding that many employed individuals are under financial pressure. And – against the backdrop of recession, high fuel costs, high VAT, flat retail, rising unemployment, and growing food prices – having personal finance concerns is a worrying situation. Last year, research showed that only 13% of employed South Africans in the large cities had approached a financial advisor to develop a plan; this is a number that needs to grow. In September, we heard from Fisher Dugmore Financial that everyone, rich or poor, can benefit from a financial plan, and this month we hear the same from Carrick Wealth, a business looking to advise clients, all over the continent, on building their wealth.
The knock-on effect of financial stress is bad for the wider economy – financial stress leads to increased absenteeism, poor work performance, a lack of concentration, and a range of other issues. “The most important thing is to start – open a bank account, start by saving R1000 a month – just start,” says Craig Featherby, Group Chief Executive at Carrick Wealth.
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His company will expand across Southern Africa, and then East Africa, as it looks to provide sound, independent financial advice centred around a customer’s goals and ambitions.
This month, we also bring you more about the challenges in South Africa’s property sector, where there is a major backlog of people looking for housing. Afhco and ANGOR Property Specialists are doing their best to help the situation by providing and managing quality rental units in the busy metros and suburbs.
The combination of personal finance pressure and a shortage of housing across the country might make for a grim environment, but all of the companies featured in November’s Enterprise Africa tell us that they remain positive about the future outlook for the economy and the country. ‘Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all’ – that’s the famous quote from Dale Carnegie.
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