Family and Finance – it doesn’t have to be a tug of war
When family matters affect money matters
Some of life’s most meaningful moments are spent with our families – but family moments can also be some of the most challenging moments we face, especially when it comes to our financial lives.
Many more people are facing significant challenges in these difficult economic times when it comes to family and finances. If family matters are affecting your money matters, find out here how to manage your responsibilities when it comes to supporting family financially.
Most people care very deeply about their families and will go great lengths to share happy family moments – and also to help their family members when times are tough.
“No amount of money or success can take the place of time spent with family.” – Unknown
Millions of South Africans are finding themselves financially responsible for supporting more and more family members, and family responsibility has increased significantly since the COVID-19 period.
This is not just because adult children are living at home and remaining dependent on their parents for much longer. It is also because as many as 70% of working South Africans are already supporting – or will have to support – older family members.
Because these income earners are ‘sandwiched’ between supporting their children and caring for elderly relatives, they are called the “Sandwich Generation” – and it is having a significant impact on their own financial situation.
The amount of family support provided varies, but research shows that as many as 40% of people are spending as much as 25% of their income on family support. In many cases, the situation is more dire.
Perhaps like Tenda, a family member has taken over your money matters, or maybe like Ann, you are simply overwhelmed by the sheer size of the financial burden.
“My family made real sacrifices to provide for my education, for which I am very grateful,” says Tenda. “But now I have no choice when it comes to supporting some family members financially. Even though I sent the most of my salary to them every month, they insisted on having full access to my money through an ATM card. Fortunately, my financial coach helped me to regain control over my own hard-earned income and to support my family members without causing myself financial harm.”
“Many people rely on my income,” says Ann. “My husband’s income is sporadic as he is self-employed, so I am financially responsible for our three children, as well as my two elderly parents, who rely heavily on me to survive financially. My income can only go so far and difficult sacrifices must be made.
I used to feel so overwhelmed. Thankfully my financial coach helped me to restructure my finances so everyone is fairly taken care of, without the stress and guilt!”
How are family matters affecting your money matters? By sharing your challenges when it comes to family and finances with your coach, you and your family members can turn these challenges into family moments to remember.
Your coach will empower you with skills to deal with situations like Tenda or Ann shared – enabling you to support your family without crippling yourself financially. It is important to first pay yourself and get your own finances in order, before you provide financial support to your extended family.
Join our April Money Challenge!
Join our April Money Challenge and simply share your best money tip when it comes to family support with your coach right now.
Yours in Financial Health
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