In our previous blog we spoke about the importance of communication in our financial planning. We live in a culture that places much financial strain on the father figure to support the family unit, and often money stress can cause them to hide the burden from their partner and family.
In South Africa we have a huge debt problem and, according to National Debt Advisors over 60% of their client base are males between the ages of 29 and 48. When we can’t effectively talk about our money, we might turn to credit in a time of need, and this can very quickly turn to over indebtedness. In a recent article on MoneyWeb we read that roughly half of all credit active South Africans are financially stressed.
The article also said: “Pre-pandemic mortgages and vehicle loan debt combined with job losses have created a spike in the high credit stress levels. The country’s economic conditions have had a significant impact on the credit needs of South Africans and their ability to repay debt. On top of that, avoiding or hiding debt is never a viable solution as repayments and the effects of compound interest can cause the debt to grow quickly and partners may be liable for debts accrued by their other half, even when they weren’t aware of the debt.”
The good news is that if you’re feeling like this applies to you, you’re not alone! Recognising this makes it that much easier to start including others in a conversation that you might have been holding onto tightly.
Being aware of this opens you up to a host of solutions for better communication, planning and access to debt assistance. It’s normal for the father figure to want to financially manage the household, however in times of financial hardship, it’s important to know that assistance is just around the corner.
If you’re not a father figure, check in with the men in your household and let them know you’re there to help. If you’re struggling to make ends meet, get in touch with our team to get guidance to a debt free future.