By Freddy Mwabi, Consulting Actuary
It is an undisputed fact that the Covid-19 pandemic and ensuing lockdowns have left a mark on the economic health of many South African households. The SA SMME Covid-19 impact report published by Finfind in November 2020 states, “According to the National Income Dynamics Study (Coronavirus Rapid Mobile Survey), a consumer study, South Africa has lost a decade’s worth of jobs in less than half a year of lockdown and the economy slowed by 16.4% in the second quarter of 2020 compared with the first quarter of 2020.” What the pandemic highlighted was individuals’ needs for more flexibility and access to savings during times of unforeseen financial pressures.
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