Michele Jennings, Chief Executive at glu
We often hear the same message when it comes to money: save more.
It’s good advice, but for many South Africans, it’s not always that simple. With rising living costs and growing financial pressures, finding extra money to put away each month can feel like a challenge. In fact, South Africa’s household savings rate remains negative, highlighting the difficult reality many consumers face when trying to build financial security.
According to Michele Jennings, Chief Executive at glu, financial wellbeing is about more than just the amount sitting in your savings account. “Saving remains one of the most important financial habits people can build. But financial wellbeing is also about understanding where your money goes, choosing the right financial products and making decisions that create value over the long term.”
Here are five questions worth asking yourself.
1. Do I know where my money is going?
Many people know what they earn each month, but not necessarily where every rand ends up. Understanding your spending habits can help you identify opportunities to cut back, save more effectively and make better financial decisions.
Sometimes financial progress starts with awareness.
2. Are my financial products still meeting my needs?
Life changes. Careers evolve. Families grow. Yet many people continue using the same financial products for years without reviewing them.
Taking time to reassess your insurance, investments and financial plans can help ensure they’re still aligned with your goals and circumstances.
3. Am I focusing only on cost, or also on value?
Price is important, particularly when budgets are under pressure. But when comparing financial products, it’s worth looking beyond the monthly premium or fee.
Consider the overall value you’re receiving, from service and support to benefits that may help improve your long-term financial outcomes.
4. Do I understand how the institutions I support operate?
Consumers are becoming increasingly interested in how businesses create value and who benefits from that success.
Understanding the principles behind the financial institutions you choose can help you make more informed decisions about where you invest your trust and your money.
“People want financial partners that are transparent and aligned to their interests. More consumers are asking meaningful questions about how their financial providers operate and what value they receive beyond the product itself,” says Jennings.
5. Is my money helping me move closer to my goals?
Whether you’re saving for a home, planning for retirement, building a safety net or supporting your family, every financial decision should support a bigger objective.
Financial wellbeing isn’t about perfection. It’s about making intentional choices that help you move forward over time.
Saving will always be an important part of a healthy financial plan. But financial awareness also means asking deeper questions about how your money is working for you.
In a world where every rand matters, understanding your finances, reviewing your choices and ensuring your money supports your long-term goals can be just as valuable as the amount you’re able to save.
ENDS
