One in three get no financial advice

By Staff Writer

A third of people do not seek out any advice when making decisions about their money, whilst only one in a hundred would go to their bank manager for financial advice, new research by www.justmoney.co.za reveals.

The poll of visitors to South Africa's online guide to money found that the biggest source of financial guidance is newspapers and websites like www.justmoney.co.za, according to 31% of people.

Paul Beadle, managing director of www.justmoney.co.za, says: "It is worrying that a third of people don't get any guidance when making vital decisions about their money. It shows how low the level of financial understanding is in South Africa."

At Justmoney.co.za you can get guidance on personal finance issues ranging from bank accounts and credit cards to mortgages and personal loans

Beadle says that consumers need to take more responsibility for their finances, including getting guidance and advice. He explains: "It is encouraging that so many people are now using websites like www.justmoney.co.za and the personal finance sections of newspapers to get information about money. It shows they are thinking about their circumstances and, by using www.justmoney.co.za, are actively comparing products to identify those that suit them best.

"People need to act upon this information by getting specific advice from regulated advisers, such as mortgage brokers, independent financial advisers and qualified debt counsellors, who can provide unbiased advice based on a person's specific circumstances, whether regarding their debts, home loans, insurances or investments."

Beadle says that although banks were rated poorly by www.justmoney.co.za visitors, and they only offer information about their own products, South African banks are actually a good source of information.

He continues: "Our banks have been given a hard time because of their pricing, but when you see how badly many overseas banks are suffering in the current economic melt-down, it shows how safe and well-run the local banking industry really is.

"Many banks have made great strides in recent years, not only to tackle the perception of high bank charges, but also to introduce more innovative products, such as savings and investments accounts. Although you should not rely solely on the information from your bank, it is well worth comparing its products with what else is available in the marketplace to find the right products and best deals for your needs."

The www.justmoney.co.za poll asked:
Where do you go for advice about money?

  • 1% said: My bank manager
  • 13% said: Friends and family
  • 22% said: A financial adviser
  • 31% said: Newspapers and websites
  • 33% said: Nobody!

www.justmoney.co.za has been created to help South African's save money by demystifying financial services and helping them to make informed decisions about their money. Users can get information about products, but they can also contact independent advisers for help with issues such as getting a home loan, managing their debts or taking out life insurance.

Completely independent and unbiased, www.justmoney.co.za also features a host of comparisons, tools and guides, enabling people to search and apply for new products, all online and completely free of charge.

Recent Articles

Featured More than just selling – being an entrepreneur at a market

It only takes a couple of seconds for Sheryl Ozinsky, co-founder of the Oranjezicht City Farm (OZCF) Market, to tell whether an entrepreneur will succeed as a local trader. By looking at their body language, she immediately gets a sense of whether they’re going to engage well with their clients and handle the demands of trading at a market.

Read more

22seven: Worth a try?

We live in an era where there is an app for everything. From monitoring your heart rate and menstrual cycle to tracking your sleeping habits and your monthly budget. While this may seem invasive being made aware of your spending habits and where you may be overstepping your budget, it is the best way to rectify and cultivate better financial health.

Read more

My two cents on the Nedbank MobiMoney account

In November last year Nedbank, launched a mobile account called MobiMoney. This account is similar to one of its existing accounts called Send Imali.  However, it’s not only limited to existing Nedbank clients. 

Read more

The cost of being sick in South Africa

Finding affordable healthcare in South Africa is possible, but it comes with its own challenges. Justmoney contacted 13 doctors in Cape Town to find out how much an appointment costs. We also found out how medical schemes assist with these costs, and we compared South Africa with its BRICS counterparts.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Obz Cafe Cocktail Special

Price: R55-R59
When: Tuesdays-Fridays
Where: Cape Town

Telkom January Big Deal

Price: R807 pm
When: Until 31 January
Where: Nationwide

Planet Fitness Special

Price: R199
When: Daily
Where: Nationwide