By Sanja van den Berg,

Head of Customer Relations at Old Mutual Namibia Group

We contemplate money daily, from tapping our cards at the store, trying to get through until the next paycheck, to worrying quietly over an unforeseen expense that can disrupt everything. It impacts our decisions, disturbs our rest, and alters our connections with others. Despite being the most prominent topic in any discussion, many of us avoid having this conversation altogether.

The reality is that many individuals are learning as they navigate through life. We emulate the actions of our parents, strive to avoid excessive spending, and occasionally resort to taking loans merely to make ends meet. Although we frequently believe we ought to have more knowledge, the fact remains that nobody truly instructs us on managing finances effectively within the context of our actual lives.

As per the newest report from Old Mutual Financial Services Monitor, many employed individuals in Namibia lack confidence regarding their financial situations. Just one out of every four persons consults with a financial advisor, and almost forty percent state they aren’t aware of whom to turn to for assistance. This reluctance leads to anxiety. Indeed, more than half of those surveyed indicated experiencing considerable financial pressure, with a substantial portion admitting that monetary concerns have begun impacting both their bodily health and psychological state.

It’s straightforward to see why numerous individuals hold back from seeking monetary guidance. A few believe their income isn’t sufficient to justify the cost. Others think it’s exclusively meant for those with high incomes or complex investment setups. Additionally, many find themselves swamped by technical terminology, these unknown phrases that leave them feeling as though they’re already at a disadvantage.

However, one thing frequently neglected is this: financial guidance isn’t focused on the amount of money you possess. Instead, it revolves around making smarter choices with the funds you currently have. It’s not about achieving perfection, but rather about ensuring readiness. Regardless of whether your income is N$5,000 or N$50,000, comprehending your available options can significantly impact your overall financial perspective. Indeed, research indicates that individuals who seek financial counsel generally experience greater sense of control, depend less on costly debts, and are more inclined to think ahead financially.

Although reaching out for assistance might seem like acknowledging defeat, it is truly among the most powerful and wise actions you can undertake. Similar to how we consult physicians when unwell or bring our vehicles to a technician, pursuing financial advice is merely a method of looking after your future self. There’s no necessity to await a disaster. There’s also no requirement to be an authority figure. All that is needed is a sense of curiosity and willingness to acquire knowledge.