The much-anticipated 2019 Budget Speech created a renewed a sense of optimism for all South Africans. With focus on accelerating economic growth; the budget alluded to creating room for a prudent approach to expenditure, stabilising and reducing debt, reconfiguring state-owned enterprises and managing the public-sector wage bill.
However, the effects for the man on the street cannot be ignored. Ester Ochse, Financial Advisory, FNB Wealth and Investments says that “Consumers should anticipate a few speed bumps this coming year. Normally, South Africans get slight inflation relief for Personal Tax but none of this came through in the Budget Speech. Pressure is on for consumers to manage household and personal spending and ultimately saving more.”
Other key focus areas include:
Retirement: No changes were made to retirement for South Africans. “Your retirement is important and should not be ignored or left for to too late. Continue prioritising and saving for retirement as this will benefit you in your golden years.”