South Africans are scrambling to overcome short-term financial challenges at the cost of their long-term investments, says Paul Nixon, head of behavioural finance at Momentum Investments.
According to Momentum Investments’ latest Sci-Fi report, 2021 saw increased engagement between investors and their portfolios, and was driven by panic, causing many investors to lose money by switching their investments midway. While this was down by 6% from the record levels experienced in 2020, Nixon said it remains alarmingly high. He noted that 50,000 plus switches in the retirement investment landscape resulted in“We have to acknowledge that market events that have cascaded across the globe since the onset of the pandemic have caused havoc with investors’ retirement savings. Investors panicked and opted to try and stem losses by reacting at the moment.
“Right now, we not only have lost value on retirement fund returns but there is also a two-pot system in the works which will allow many people to access their investments before retirement.”
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