STATE OF NATION VS. STATE OF CONSUMER BUDGETS
Wednesday, January 28, 2015
President Jacob Zuma’s speech at SONA 2015 touched on issues that directly affect consumers’ pockets such as the unstable electricity grid, rising fuel prices, and rising inflation rates.
“Whilst consumers may have experienced a drop in the price of fuel over the past six months, it is expected that fuel prices will soon go up again, which will put a strain on the already stretched consumer budget,” says Derek Wilson, Head of Hippo.co.za, the price and benefits comparison website.
According to economist, Kevin Lings, there will be a reversal of the petrol price benefit in the next two months. * South Africans can expect to hear about other cost increases during the national Budget Speech on 25 February 2015.
The country’s unstable electricity grid further escalates the situation. Wilson says, “Load-shedding can affect our budgets due to irreparable power surge damage to home appliances or spoiled perishable food after a power cut.”
The South African economy, following the review by the President during SONA 2015, is in a vulnerable state, which unfortunately puts consumers in a similar state, if not worse. Consumers may need to review their budgets to identify possible ways of saving money.
“One simple way of saving money is to compare costs online. At least eight out of 10 people could save an average of R427 per month* on their car insurance by comparing insurance service providers on Hippo.co.za. Compare from a wide range of insurance and financial products: home insurance, car insurance, medical aid, personal loans, travel, pet insurance and more.”
Established in 2007, hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of SA providers across financial products such as car insurance, home insurance, life insurance, medical and more. Hippo is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. At least 8 out of 10 people could save an average of R427* per month on their car insurance.
Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, is in no way influenced by the fee hippo.co.za charges its partners or any other factors other than the price of the product being compared.
Hippo Comparative Services (Pty) Ltd is an authorized financial services provider (FSP number: 16357).
**Average savings based on a representative market research survey conducted by Kaufman Levin Associates, on behalf of Hippo.co.za in May 2014. Risk Profile Dependent.