SFP- Kyle Barends

06/10/2025

🎗️ Breast Cancer Awareness Month: Why It’s a Financial Issue Too

October is Breast Cancer Awareness Month. While the focus is often on health and early detection, there’s another side we need to talk about, the financial impact.

In South Africa, breast cancer is the most common cancer in women, with a lifetime risk of 1 in 27. More than 11,000 women were diagnosed in 2023, and over 50% of cases are found at advanced stages. Early detection is vital, but treatment is expensive. Costs can range from R10,000 up to R450,000 per year, depending on the stage and treatment. Even with medical aid, shortfalls and co-payments are common.

But the hidden costs go further:

Lost income: Treatment and recovery can mean 6–12 months off work. For working moms and young professionals, this is a major blow when you’re most dependent on your salary.

Travel & accommodation: Many patients travel far for treatment, adding petrol, parking, or even lodging costs.

Family & home support: Additional childcare, household help, or therapy may be needed — often thousands of rand each month.

Lifestyle & daily costs: Wigs, dietary needs, higher utility bills, and uncovered medicines all add up.

This double hit, income going down while expenses rise, is why experts now talk about the “financial toxicity” of cancer. Studies show nearly 79% of breast cancer patients in low- and middle-income countries face serious financial strain, compared to about 35% in high-income countries.

How to Prepare

Know your cover: Review what your medical aid will (and won’t) pay for.

Consider risk products: Critical Illness Cover pays a lump sum on diagnosis, while Temporary Income Protection replaces lost salary during recovery.

Build a safety net: An emergency fund or insurance means you don’t have to sacrifice your long-term plans if illness strikes.

Have conversations: Speak with your family and employer — knowing what support is available reduces panic if the unexpected happens.

The takeaway: Breast cancer is not only a health battle, but also a financial one. This Breast Cancer Awareness Month, let’s remember that awareness means more than early detection — it means being prepared on all fronts, including your finances.

06/10/2025

Do you know anyone who has been affected by breast cancer?

07/11/2023

South Africa is thinking about getting rid of tax credits that help people with medical insurance. Simply put, it will mean less money in the pockets of South African workers and families. The biggest impact will be on those who have lower incomes and can only afford basic medical insurance like basic medical aid and hospital plans. This could also hurt the medical insurance industry as people may cancel their plans or choose cheaper ones. The government wants to use this money( the money used for medical aid tax credits) for a national healthcare plan, but it could make life harder for regular people.

The Health Department’s latest plans could have a devastating impact on South African households that are already struggling financially.

26/07/2023

The 9 Rules in thumb to ensure you save enough money for retirement.

In this article i have summarized and highlighted the main points which are:
-Saving for retirement is crucial, especially as the population ages and life expectancy increases. Owing to the advance in technology and medicine.
-Retirement savings help maintain a desired lifestyle, cover medical expenses, and pursue personal interests after leaving the workforce.
-People are likely to live longer than they think, so it's essential to plan for a longer retirement and start saving early.
-Inflation protection is crucial for your savings, as it can erode the real value over time.
-Starting early is key to managing your required savings rate and lessening the financial burden over time.
-Investments in growth assets like equities can counter inflation and provide better returns over the long term.
-Being overly conservative with your investments may not protect against inflation and can result in missed opportunities.
-Compound interest can significantly grow your savings over time, so small differences in returns can make a big impact.
-Risks in equities reduce over time, making them more favorable for long-term investments.

Proper planning and preparation are essential for successful wealth creation.Seeking advice from professional financial planners can greatly improve your chances of achieving your retirement goals. Research shows that investors who work with financial advisors may have almost 23% higher retirement income. Saving for retirement is crucial, especially as the population ages and life expectancy increases.

Contact me to take the next steps for planning for your retirement.
[email protected]
0611732840

Adriaan Pask, the Chief Investment Officer at PSG Wealth, has put together nine guidelines for South Africans who want to ensure a prosperous financial future and a comfortable retirement.

12/07/2023

Brace for another interest rate hike this month.

Looking at interest rates in the month of July, I read an article that speaks about the forecast of another interest rate hike.
This comes as the US Federal Reserve signaled its intention to resume interest rate increases amid a growing consensus that more tightening was needed to stamp out high inflation in the world’s largest economy, in spite of leaving rates unchanged for now, at 5 to 5.25 percent. The South African Reserve Bank (SARB) this week gave the strongest indication yet that it would probably tighten
its monetary policy further and implement another rate hike, though most experts predict a small increase of 25
basis points. The SARB has implemented a series of 75 basis point hikes over the past year – faster than in prior tightening
cycles – in a bid to tame high inflation which slowed to 6.3 percent in May, above the upper limit of the bank’s
target range of 3 to 6%. The bank has raised the repo rate by a cumulative 425 basis points to its highest in 14 years, at a “restrictive” 8.25% per annum since it started tightening in November 2021 to combat surging prices. Governor Lesetja Kganyago said the SARB expected inflation to continue tapering down and decline within the target range in the latter part of the second half of this year. “We do not take pleasure in South Africans losing houses or losing cars because interest rates have gone up.
Interest rates are just a medicine we administer to deal with the disease of inflation.” South Africa’s tight monetary policy has seen the prime interest rate also rising to its highest since the 2008 global financial crisis at 11.75% per annum, resulting in difficulty to meet home loans and vehicle finance debt repayments.

01/03/2023

PRACTICE NOTE 384: Change to the minimums for staggered transfers of retirement products.

Effective 1 March 2023, legislation governing the transfer process of retirement annuity funds will change, as per the Taxation Laws Amendment Act 20 of 2022 (TLAA 2022).

What will be changing?
Once the change is effective, members of any approved retirement annuity fund who want to transfer only a subset of their investment accounts to another approved retirement annuity fund (also known as a staggered transfer), will only be able to do so if the value of each account being transferred exceeds R371 250 and the total amount remaining in their non-transferred accounts also exceeds R371 250

20/02/2023

Tax Opportunities- Don't avoid tax, avoid paying too much of it.

-Have you maximised your tax benefits for this tax year? Speak to your financial adviser now and take advantage of your tax benefits for the tax year before 28 February 2023.

Most financial decisions you make have a tax impact. Although tax can be complicated, with a few smart moves with your financial adviser, you can benefit significantly from tax incentives, especially when planning for retirement. In the process, you can also improve the probability of achieving your investment goals.
You can provide for your retirement, and be tax-savvy, by using a retirement fund and a tax-free investment (also known as a tax-free savings account).

-Top-up your retirement fund:

Every tax year, you can claim a tax deduction for the money you invest in a retirement fund. To make the most of this deduction, you can invest up to 27,5% of your taxable income or salary before any deductions are made, whichever is higher, subject to a maximum of R350 000. You can do this whether you are self-employed or earning a salary, but not yet contributing the full amount to your employer’s retirement fund. If you have not yet used the full tax deduction available to you for the year, you can make an additional lump sum payment to your retirement annuity before the tax year ends on 28 February 2023. In addition to the tax break you get on the money you invest, you also enjoy tax-free growth in your retirement fund – you don’t pay income tax, dividends tax or capital gains tax while the money is growing. If you have not yet maximized the 27,5% benefit with your regular contributions, add a lump sum to your retirement annuity (RA) before 28 February 2023.

-Top-up your tax-free investment:

Although you don’t get a tax deduction for money you invest in a tax-free investment, you still enjoy tax-free growth. And you won’t pay any tax on the proceeds when you decide to take money out of the investment. You can invest up to R36 000 every tax year in a tax-free investment, limited to R500 000 over your lifetime. The secret is to make sure that you use these tax incentives optimally every year and consistently over time. By doing this you can reduce the impact of tax on your financial plan and increase the growth potential of your investments.

( Momentum investments, 2023 February 10, Don’t avoid tax – avoid paying too much of it, Momentum, https://www.momentum.co.za/momentum/personal/products/invest-and-save/your-needs/save-for-your-retirement )

08/02/2023

If it’s not ✨ written in the stars ✨ make sure it’s written in your financial plan ✏️

24/01/2023

A short introduction and my client value proposition

23/01/2023

With inflation already sky-rocketing and interest rates sure to be hiked again, the cost of living will continue to rise.

13/09/2022

Do you have a Will? Things tend to happen when you least expect them too.

Your family are the most important people in your life, and you’d do anything to protect and provide for them.

Wouldn’t it be nice to know that everything will be just fine when you are not around one day? The reality is that you won’t be there to control the narrative once you’ve passed, and money and dividing inheritance can create complications during an already difficult time. So, state your wishes clearly – in writing – while you can. Don’t leave your legacy to chance.