PERSONAL FINANCE FOR MOMS UNCLAIMED BENEFITS IN MINING SECTOR
African News Agency
More and more, mothers are taking increased responsibility for managing their families’ finances. While coordinating the day-to-day costs of running a household is certainly important, it’s equally important to set money aside each month for themselves as part of a long-term investment plan, says Lynn Bolin, head of communications at M&G Investments. She says these types of investments usually require some degree of time to be truly effective, which is why it’s vital to start investing as soon as possible. Union funds in the mining industry are holding particularly large sums in unclaimed benefits, for several reasons, including poor record-keeping, say Nicci van Vuuren, Minenhle Shabalala and Diyajal Ramrajh of Webber Wentzel. “There are various reasons why this is happening. Unclaimed benefits have long been a problem for the Financial Sector Conduct Authority, and although draft legislation is currently under consideration, which will result in stricter governance of retirement funds, the government has yet to address this particular issue,” they say.