Giving your child a quality education requires dedicated saving from when they are born July is national savings month – a good time to seriously consider future needs Given the ever-soaring costs of tertiary education that have recently been widely publicised, parents need to consider this inevitability and should be prepared to budget for the pre-funding of future school education, as this expenditure continues to meaningfully erode the monthly income of an increasing number of South African households. Andrew Edwards, Wealth Management Consultant at leading financial advisory firm GTC, believes a growing number of parents are faced with steeper than expected costs related to primary and secondary education, whilst not having specifically saved for this priority expense.“It should be a well-known fact that the cost of education – at public as well as private schools – is one of the biggest... Read More
The GTC ONE Minute Brief covers the following topics: Economic and Political News Major South Africa Corporate News Major Global Economic News Technical Snapshot Download the full GTC ONE Minute Brief.
Pension fund defaults should not detract from individual retirement planning for members The introduction of default in-fund options within retirement funds is a positive step towards ensuring that it costs less for pension fund members to transition into their financial retirement products, though this should not detract from holistic retirement planning – an element which is still largely lacking for millions of South Africans. Sabir Bacus, Employee Benefits Consultant at leading financial advisory firm GTC, believes that while default regulations are likely to help many fund members, the industry, trustees and employers should actively promote and encourage members to take a real interest in their retirement fund and not simply revert to default options as the solution to their retirement needs. The National Treasury has introduced regulations – which must be implemented across all funds by 1 March 2019 –... Read More