Power FM Women’s Month take-over: Lessons in Financial Resilience

I’m still floating on a cloud after our Women’s Month take-over at Power FM last week. Power Lunch host  Faith Mangope  graciously stepped aside so that me and  Dr Mosima Mabunda  , Head of Wellness at Vitality, could co-host the show.

The theme for our takeover was “The Power of Resilience” and Mosima and I hosted an incredible line-up of expert guests who spoke about mental health education, how women leaders can turn challenges into opportunities, the power of physical activity in making people more resilient to illness, and the importance of positive psychology and having a supportive community.

However, I’d like delve into some of the lessons I learnt from two of our guests – Kashmeera Kanji  (Head of Analytics and R&D at Discovery Life) and  Hayley Goodwin Parry  (CEO of Worth, Discovery Bank’s financial education partner) – who focused on financial resilience and wellness, areas I am massively passionate about.

Everything hits the bottom line

Something I’ve learnt over time is that everything that happens in life hits the bottom line - in other words, your pocket. That is why it’s so vital that we empower ourselves, especially as women, with the knowledge and tools necessary to anticipate and plan for life’s curveballs. Both Kashmeera and Hayley spoke about significant life experiences that have shaped their attitude towards finances and even their career choices.

Kashmeera’s mom was diagnosed with cancer at 39 years old, with a young family to take care of. Not having medical aid membership and life insurance placed significant strain on Kashmeera’s parents. They depleted savings – which they were lucky to have – to pay for private healthcare and plug the gaps created by her mom’s inability to work. Kashmeera recalls medical bills continuing to arrive up to 10 years after her mom went into remission.

Hayley spoke about selling her business in 2011 to move into permanent employment. She wanted to start a family and a job offered what she perceived to be more stability and perks, such as paid maternity leave. But the rug was ripped out from under her feet when, three months pregnant, she lost her job during a retrenchment process. 

We can plan for financial adversity

Luckily, with upheavals like these comes the opportunity to learn, adapt and grow. I want to share some of the valuable points that Kashmeera made during our show – points all of us can benefit from.

“It’s important to build in financial buffers,” said Kashmeera. “In life, we face so many different types of adversity, but financial adversity is something we can plan for and control.” This is why Kashmeera says investing in medical aid and life insurance is important. 

Medical aid provides immediate, short-term, financial relief by covering the costs of medicine and medical procedures in the case of illness or emergencies.

Life insurance provides long-term financial relief for dreaded diseases, disability and death. 

Kashmeera adds: “Life insurance is a grudge purchase. People only realise how much they need it when they go through something serious. While you’re not on the receiving end of this benefit, it seems like an incredibly expensive, unimportant thing that’s draining your budget.”

Ultimately, having life insurance provides a level of financial stability for us, our children or other dependents when we die and leaves them with financial support. And, it help us to maintain our standard of living should we become disabled or seriously ill. 

Kashmeera used this example: “If you become disabled, would you be able to afford to reconfigure your house or move from a double-story house with stairs to a single-story house, to cater for your disability? If you became blind, could you afford a guide dog and the care for that guide dog? And if you became ill with dementia, cancer, Parkinson’s or even have a heart attack or stroke, could you afford a live-in carer to take care of your needs? These are the types of things that life insurance covers.”

Being financially successful isn’t about what you earn, it’s about how much you keep

In Hayley’s case, her need to get back onto her feet after losing her job while pregnant with her first child, is part of what led her to design products for financial education.

It really stood out for me when Hayley said: “Most people think that being financially successful is about how much you earn. But it’s actually about how much you keep.”

Her nuggets of brilliance didn’t stop there and I’m going to summarise her advice for you: 

• Don’t underestimate the importance of financial wellness. It impacts everything.
• We understand that the companies we work for need to be profitable. If they aren’t, they will go bankrupt. Why don’t we treat our finances and our personal profitability the same way?
• Every year you have 12 opportunities - each time your salary is paid - to make a profit when it comes to your personal finance. Find ways to increase your ability to save and invest.
• Remove risk by focusing on things you can control and create a buffer for yourself. Start by creating an emergency fund that has R5,000 in it. Many financial emergencies can be covered by that amount. After that, save three months’ worth of living expenses. This will help soften the blow between whatever unexpected event is coming and its impact on your household.
• For those who aren’t in a position to do the above, still try to manage your money to the best of your ability and as far as possible, avoid debt.
• Invest in your financial education. Employ the skills of a financial adviser or educator that you trust or do a reputable course. Financial literacy is a skill that we all need from the moment we earn our first salary until we retire. 

Financial resilience for the greater good of communities

I remain beyond inspired by these two women, as well as the other guests we had on our show. Financial wellness and resilience is just one step towards becoming more empowered as women in our roles as mothers, partners, bosses and employees, and also towards empowering families and communities. It is also an essential part of our overall wellness, along with physical, mental and emotional wellness.

I am so grateful to #PowerFM for giving us this opportunity, and also to my co-host and colleague Mosima, and to my team at Discovery  Nthabiseng Chapeshamano   Karishma Jivan, MBA ,  Amalia Theologides ,  Munene Khoza ,  Sesona Ngqakamba  and  Thobile C. Nkosi  for all your support in setting this on-air takeover. I am also still in awe of the big surprise that came at the end of the show – my incredible mom Bonolo, and dear sister Tish, popping into the studio as our show wrapped up. I couldn’t be more blessed to be surrounded by such strong, powerful women, who have shaped the person and woman I am today.

If you want to be inspired, go ahead and listen to segment of the show in which I chat to Kashmeera and Hayley below.

And, please let me know what you think of all I’ve shared. I’d love to hear more stories about resilience in women, and about the strategies you’ve put in place to become financially well and resilient.

#financialwellbeing #PowerFM #987Woman #ScienceofVitality #Womensmonth