By: Bertie Nel, Momentum Head of Financial Advice and Planning

For so many young South African men, their first salary represents freedom, independence, and a promising first step on the journey to success. Yet, Momentum Head of Financial Advice and Planning, Bertie Nel, says this achievement often goes hand-in-hand with a stark lack of financial literacy, breeding a silent vulnerability that extends far beyond their bank balance. This Men's Health Month, Nel focuses on how the absence of financial guidance erodes not just wealth, but overall wellbeing.

"We frequently observe young men step into new careers or provider roles, facing immense pressure to 'secure the bag' without truly understanding how to manage it," says Nel. "The immediate gratification of a salary can quickly lead to impulsive decisions – overspending, ignoring tax implications, or accumulating debt – effectively blowing the 'bag' before they even understand its value. This isn't just about money; it's about their future stability and peace of mind."

He says it is no surprise prominent research is revealing the tenuous link between financial strain and a declining mental health. “It’s sad that our society often forces men to project an image of strength and control. The reality is financial anxiety remains a pervasive, yet often unspoken, challenge.”

Further to the point, the South African Depression and Anxiety Group (SADAG) continues to report rising stress-related health issues, with financial pressure being a significant, often hidden, driver. "Financial stress can be a silent epidemic among men," Nel notes. "It manifests in various forms, from sleepless nights and strained relationships to a palpable sense of being overwhelmed. Without a clear financial roadmap, he warns stress can spiral and take mental, and even physical health, down with it."

Understanding these unique pressures on young men is vital, Nel says. “I’ve seen the profound impact that proactive, tailored advice can have on their lives. It transforms potential financial pitfalls into pathways for holistic wellbeing.”

He outlines key areas where strategic guidance from a financial adviser is indispensable:

• From earning to understanding: "The first step isn't just earning, it's understanding," Nel explains. "Many young men don't fully grasp their payslip – what deductions mean, how tax works, or how to truly budget beyond basic income vs. expenses. Advisers can demystify this, turning a payslip into a planning tool."
  
  
• The power of proactive savings – starting with RAs: "Perhaps the most impactful advice for a young man is to start saving early, especially through a retirement annuity (RA) if maybe his employee benefits do not include contribution to a pension fund," advises Nel. "It's not just about retirement; it remains a disciplined, tax-efficient way to leverage the benefit of compound interest from early on. Showing them how small, consistent contributions in their 20s can outstrip larger investments made later is a game-changer for long-term security and financial peace."
  
  
• Navigating lifestyle inflation: "As incomes grow, so does the temptation to increase spending," Nel warns. "Advisers are crucial in guiding clients to resist 'lifestyle inflation,' encouraging them to channel pay raises into investments or debt reduction instead of simply upgrading their current expenses. This discipline is paramount for wealth creation."
  
  
• Building a strategic safety net: "An emergency fund isn't just about covering unexpected costs; it's about mental resilience," says Nel. "Financial advisers can help young men build this vital safety net, providing a buffer against unforeseen events and significantly reducing stress."
  
  
• Accountability and advice: "Advice that matters is more than a simple list of tips," Nel concludes. "It's about providing a clear roadmap, ongoing support, and holding clients accountable to their goals. A financial adviser acts as a crucial strategic partner, helping young men translate good intentions into lasting financial discipline and, ultimately, a happier more balanced life."

This Men's Health Month, Father’s Day, and every other day, Nel’s message for young men is clear: financial security is the third pillar of wellbeing. “More men must come to terms with financial vulnerability and start moving towards the right advice to get rid of what could become financial insecurity. All it takes is advice that meets men’s unique circumstances and context,” concludes Nel.