The Financial Lessons That Single Parents Teach Their Children

Being financially literate is vital in today’s money-driven society. While many parents may struggle to keep up with their children’s spending habits, studies have shown that – in most cases – children raised by a single parent are more financially savvy than those raised by two-parent families. However, this greatly depends on the financial lessons that single parents teach their children. If you are a single parent, and you are concerned about whether or not your child would make the right financial decisions for their future, teach them these tips:

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Card Fraud

According to the latest fraud data from the SA Banking Risk Information Centre (Sabric), South Africans have lost almost R4.5 billion to credit and debit card fraud since 2010. Perpetrators use a variety of card fraud methods and keep changing their approach to trick their victims. Card fraud is difficult for the banking industry, because perpetrators prey on the vulnerabilities of bank customers and do not target banking systems. Therefore, it is important that you understand the different types of credit and debit fraud in order to avoid becoming a victim of card fraud.

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Get a pay rise

It’s never easy asking for money. Asking your boss for a salary increase is probably on the top half of your list of least favourable things to do – right in between doing your taxes and cleaning the gutters. But salary freezes are now starting to thaw and this might be your year to finally get that hard earned increase. If you are feeling a little nervous about approaching your boss, here are a few tips that will help you get a pay rise:

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Swapping one need for another South Africa

Swapping one need for another

A worrying statistic to say the least, the National Credit Regulators have found that there is a large rise in the amount of consumers pawning in their assets, cars in particular, to secure a loan. Putting themselves and their livelihoods at risk, this is allowed but definitely not suggested.

While pawning off a car in order to secure a loan is perfectly legal under the National Credit Act, the NCR warn against it as it places huge risk on the consumer. In a sense putting the car up as collateral, the vehicle could be lost to pawn brokers if consumers cannot repay the debt in time – this could result in a huge monetary loss as usually the loan is for a lot less than the car’s worth. In this case, when the loan is not repaid, the car or asset can be sold to make up the deficit.

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Interest Rates in South Africa

Before South Africa’s recent status downgrade, the South African Reserve Bank (SARB) indicated that inflation might decrease, moving back into the 3% to 6% target range. Usually, when inflation decreases, SARB decreases interest rates. However, bond yields have increased and inflation is expected to increase since the downgrade. This comes at an unfortunate time for our country, as it seemed as though the economy was finally starting to pick up. And while interest rates in South Africa have not been increased yet, SARB has placed a hold on decreasing it as well.

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What’s Happening To The Rand?

On the 30th of March 2017, President Jacob Zuma replaced the Finance Minister, Pravin Gordhan. This decision triggered a rating downgrade to a junk status (a non-investment grade) by Standard & Poor’s and Fitch, two of the three big rating agencies in the world. The downgrade sparked outrage amongst South Africans and inspired protests around our country. But what’s happening to the Rand right now?

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Africa Rising narrative hit 2016 bump but is ready for New Year.

The African continent is still on firm economic development footing dispite all the ‘Africa rising’ narrative disruption caused by a combination of factors in 2016.

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World has 5 years to change how to earn learn and care – WEF

According to the World Economic Forum (WEF) thinks the world has three to five years to change how it earns, learns and cares in order to transition effectively into a new world order.

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