Nomvula Nxumalo, MiWay’s Executive Head of People and Transformation

Protect yourself with the right insurance

For many South Africans, financial worry is one of the biggest and most persistent sources of stress. Rising living costs, debt, and uncertainty about the future weigh heavily, impacting not only financial stability but also mental and physical health. The 2025 Sanlam Benchmark survey found that 80% of South Africans are currently experiencing financial stress, with most acknowledging that it directly affects their mental health.

Nomvula Nxumalo, Executive Head: People and Transformation at Miway, explains that the pressure is not just about monthly budgets. “Rising living costs, job insecurity, and unexpected emergencies (like car accidents, home theft, or storm damage) are leaving South Africans anxious, overwhelmed, and in some cases mentally drained or even scarred.

Nxumalo highlights one tool that often gets overlooked in conversations about wellbeing: short-term insurance.

“It’s more than financial protection; your insurance plan provides a way to reclaim your peace of mind,” Nxumalo explains. “Insurance is not only about replacing a damaged car or fixing a home. It’s about protecting your plans and keeping them in place.”

Why money stress is a mental health risk

Financial anxiety is rarely just about money; it manifests as anxiety, sleeplessness, irritability, and even depression when bills pile up or when an emergency expense feels impossible to manage. The feeling of being out of control financially is one of the strongest causes of mental distress.

“Acknowledging that your struggles with money might be affecting your mental health is the first step to breaking the cycle,” says Nxumalo “Once you see the connection, you can take practical steps to regain control.”

One of the most effective ways to reduce financial anxiety is to strive for a clear budget. Even a simple spreadsheet or budgeting app can help you see exactly where your money is going, allowing you to prioritise essentials and plan for the unexpected. Pairing this with advice from a financial professional adds another layer of control, helping you manage debt, build savings, and prepare for emergencies with confidence.

Insurance is more emotional than it is financial

Nxumalo says short-term insurance provides a safety net for the unexpected, from car accidents to storm damage. But for her, the benefits go beyond money. By reducing the mental load, the right insurance portfolio helps entrepreneurs focus on life instead of stress.

“People who feel financially secure make better decisions, sleep better at night, and feel calmer during the day, and that’s why insurance is more than a financial tool. We like to see it as a mental health tool, as well.”

When people feel financially secure, everyday life looks different. Family time is not overshadowed by worry. Future planning seems more realistic. Even simple decisions, like fixing a car, repairing a roof, or planning a short trip can be made with confidence, rather than panic.

“Knowing you have a safety net in place means you are less reactive and more resilient,” Nxumalo says. “That resilience strengthens relationships, supports healthier routines, and helps you bounce back faster from setbacks.”

As South Africa observes Mental Health Awareness Month this October, Nxumalo believes this should be a reminder that financial wellbeing and mental wellbeing are inseparable.