Metropolitan aims to connect consumers with like-minded people who share the same dreams to bring their financial resolution to reality.
The round table comprised of experts in the financial industry, who explored the connection between money and psychology, noting emotions constantly affect one’s financial decisions.
Clinical psychologist Dr Tshepiso Matentjie emphasised that humans have a personal connection with money, thus affecting the little and drastic financial decisions people take.
“We have an emotional connection with money, because it affords us our basic needs; the Maslow’s hierarchy of needs shows us this. Money also elevates our status in society,” she said.
A recent survey reported that 46% of South African adults prioritise present spending over savings for their future, which highlights the need for balanced financial practices that consider both immediate needs and future stability.
The panel tackled the issue of people drowning in debt, and money being a major indicator of mental health in society.
The panel highlighted that most people are plagued by debt, because they are pressured to “keep up with the Joneses”.
Hence, author and money blogger, Mapalo Makhu, said society does not have a money problem, “but we have an esteem problem”.
Matentjie pointed out that an empty bank balance often controls one’s emotions.
Money triggers people’s endorphins, but they usually become anxious or depressed when they do not have money.
Metropolitan chief marketing officer, Lindiwe Gumede, encouraged the act of building communities with financially savvy people in order to take good money decisions.
“When we do things together, we hold each other accountable, especially with money. That is why we need to surround ourselves with people who use money properly,” said Gumede.
Black tax was another topic that took centre stage.
While some experts were not against the common behaviour of African professionals financially supporting their families, Matentjie echoed it may hinder a person’s economic growth.
Matentjie spoke on her personal experience with black tax, where she would be left with “crumbs” (little money) after financially supporting her family.
Matentjie explained the importance of setting financial boundaries to avoid the urge of funding other people’s lifestyles, family in particular.
However, Gumede and head of Association and Affinity Group, Rapule Mahlangu, believed black tax is a moral obligation that black South Africans practice to contribute to the success of their loved ones.
The panel was concerned that conversations around money are frowned upon in the black community, which later determines one’s financial literacy.
The panel further emphasised that saving money is an uncommon practice among young South Africans.
Thus, Matentjie said parents have an ethical responsibility to teach children about financial literacy.
Makhu and Mahlangu urged for young people to live within their needs, and adopt a behaviour of saving money.
Additionally, young people must be intentional with their money.
“We need to come up with sexier ways to encourage young people to save money, because 80% of them don’t care about saving money,” said Mahlangu.
The Star