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Old Mutual OMSIM findings reveal economic pressures on SA citizens

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Old Mutual has released its OMSIM findings on the financial pressures faced by South Africans due to the COVID-19 pandemic, lockdowns and the recent unrest which destabilised the economy.

Old Mutual South Africa issued the Old Mutual Savings and Investment Monitor (OMSIM) 2021 on Monday, 9 August 2021, in which it detailed the impact of financial pressures on South Africans. Old Mutual noted that financial pressures had been heightened due to the pandemic and lockdowns, as well as the recent unrest that unfolded in some provinces.

Old Mutual stated that the July survey revealed that people’s confidence in the South African economy had dropped by a further three percent from 34 percent to 31 percent, which Old Mutual confirmed had been the lowest recorded in the history of OMSIM. Furthermore, research has shown that 65 percent of working metropolitans have started prioritising the way they manage their finances, with 62 percent cutting expenses where they can and some prioritising paying off their debts and others making sure they have enough emergency funds.

Old Mutual believes that there has never been a more important time than now for people to take control of their finances, noting that survey respondents believe that the financial outlook will improve, with generation 2 (18 – 25-year-olds) being most positive.

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