Old Mutual's annual Savings and Investment Monitor always provides useful insights into how working South Africans are managing their money, but the study has perhaps never been more relevant than now, as we face the unique challenges posed by the pandemic.
Some pandemic-led lifestyle changes include shopping less at retailers such as upmarket Woolworths and cancelling gym memberships, the Old Mutual Savings and Investment Monitor report has found.
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Consumers seek less costs to survive
By Banele Ginindza
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FINANCIAL hardships wrought by the Covid 19 pandemic have forced South Africans to downscale their lifestyles by switching to cheaper supermarket brands and less pricey cellphone and data options, replacing gym subscriptions with home training, moving in with family members, diligently seeking loyalty programmes and holding more than one job.
According to the Old Mutual Savings and Investment Monitor (OMSIM) released yesterday, amid declining of confidence in the economy, which was at its lowest in decades, millions of South Africans were feeling heightened financial pressure from the impact of the pandemic and the unrest and looting a few weeks ago.
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