The generalisation that 50-year-old white men with tertiary qualifications and in full-time employment earn more money than other demographic groups in SA has been confirmed. Being in Gauteng also helps. Young black females with low levels of education in Limpopo and the Eastern Cape find themselves at the other end of the spectrum. This demographic group can be singled out as the poorest in SA. ALSO READ: Debt index shows consumers are battling with debt and stagnant incomes These conclusions come from analysis of data collected for Statistics SA’s Quarterly Labour Force Survey (QLFS ..read more

Criminals are increasingly cashing in on the growing popularity of tap-to-pay contactless payments in South Africa. Along with the convenience of tapping one’s bank card, using your smartphone or smartwatch at a point-of-sale (POS) machine, comes the risk of fraud. An alarming increase in digital payment fraud has been reported as scheming scammers target unsuspecting victims at the service stations and till points. Tap-to-pay fraud at petrol stations – What to know “Imagine you’re paying for petrol and someone is standing near you,” said Richard Frost, product head from cyber security company ..read more

Many people still have the misconception that if they have obtained an alternative or second residency, they no longer have a South African tax obligation. This is not true. There is no other way to cease South African tax residency than to follow a formal process that must be done retrospectively. There will be a deemed asset disposal, but it may not be as severe as people have been led to believe through chats around the braai or even remarks by tax and emigration experts. ALSO READ: Sars 101 for small businesses: Tips to get through tax season Specialists from the Sovereign Group and FinGlo ..read more

South Africa’s private retirement industry that manages about R3.27 trillion in assets will change completely on 1 September when the two-pot retirement system is implemented. While pension funds are working to get ready, many consumers only have a vague idea of how it will work. Natasha Huggett-Henchie, a principal consultant at NMG Benefits, warns that working South Africans should seek professional retirement benefit counselling before they make any major decisions around making withdrawals from their retirement funds. “This is especially critical ahead of the implementation of the two-pot ..read more

Just two weeks after news that Mirror Trading International pyramid scheme founder, Johann Steynberg, died from a heart attack in Brazil, where he was waiting for his extradition hearing, the so-called ‘winners’ in the scheme who withdrew more bitcoin than they deposited have now received summonses claiming back the ‘profit’ they made. In addition, Clynton Marks, reportedly Steynberg’s partner in MTI, failed in March to have the liquidator of MTI removed after he made various allegations against them. All he got was a punitive cost order for his ‘spurious claims’. Marks also tried in 2022 to p ..read more

Food prices are stabilising, with food inflation at 5.1% in March, the lowest rate since September 2020, but food prices are still increasing at a rate which may be a threat to food security. In addition, cost pressures stemming from load shedding and transport have not abated and the impact of drought conditions is likely to add to pressures throughout the value chain. According to the latest edition of the Essential Food Pricing Monitoring (EFPM) Report released by the Competition Commission on Monday, there are indications that spreads across food value chains are beginning to settle follow ..read more

We all want to increase our savings, but how? The secret of compound interest and the rule of 72 could be the answer. With this in mind, would you rather have R1 000 per day for 30 days or R1 that doubled in value every day for 30 days? Those in the know would choose the doubling of R1. Why? Because, at the end of 30 days, they would have accumulated over R500 million compared to the R30 000 they would have if they had opted for R1 000 per day. Roné Swanepoel, head of sales at investment firm, Morningstar South Africa, says that is exactly why compound interest is known as the eighth wonder of ..read more

As South Africa goes through a water crisis, consumers do not only have to worry if they will have enough water to cook and wash with. There are many things around your house that you need water for and the best is to be prepared for the day you open the tap and nothing comes out. In recent years, South Africa has grappled with increasing instances of water shortages and extended water interruptions, posing challenges to households and communities. Gauteng, in particular, currently faces a daunting five years of water disruptions, with periodic shortages expected until the completion of phase ..read more

It is important to know how to prevent your home being burgled since 453 homes in South Africa are burgled every day according to the latest crime statistics from the police for October to December 2023, an increase of almost 7% since the previous quarter. Even more concerning, is that residential robberies with aggravated circumstances are also up by 5.2% on the previous quarter, while 71 homes across the country are robbed every day, with Gauteng (35%) and KwaZulu-Natal (23.2%) accounting for the majority.  What is the difference between a burglary and a robbery? “While both involve the ..read more

As you move through your life, hit milestones and amass assets, you must always ensure that your insurance keep up with your life stages. As your life changes, so do your risks and your policies should keep up. “The first big insurance milestone is your 25th birthday, Wynand van Vuuren, client experience partner at King Price Insurance, says. “When you turn 25, the best gift you can give yourself is a call to your insurer to ask them to review the premium you pay for your car. Most insurers consider under-25 drivers a risk and may review their premiums when they ‘come of age’ provided that the ..read more