PERSONAL FINANCE NO. 472 MAY 2020 EDITION

The economic impact of the COVID-19 outbreak is already being felt – and it’s only going to get worse from here as the economy drastically loses momentum in a 21-day lockdown (that has since been extended for a further two weeks at the time of writing). What does this mean for South African households? The reality is that household financial wellness is closely connected to economic growth, so an impending recession (which is almost certain to happen) will take an unquestionable toll on our financial wellness, as well as our financial success. However, if we make the right adjustments, we can recover.