Drivers who are in a car accident in a rental car may face additional financial repercussions than those who are driving their own vehicle because of the additional risk the rental car company takes when renting out the vehicle. This is true even if the driver was not at fault for the accident. Taking the right precautions before and after a crash can help drivers avoid unnecessary expenses and legal implications.

Drivers Need to Consider Insurance Before Renting a Car

Insurance is critical for rental car drivers. Drivers need to have their own personal car insurance, which covers their liability in the crash. In fact, to protect themselves, many rental car companies require proof of personal car insurance before they will rent a vehicle to a driver. However, drivers may not have full coverage on their policies for damage to rental vehicles.

Most rental companies also offer loss damage waivers and collision damages waivers. These supplement the driver’s insurance company and take away the liability if the car is damaged in a crash.

Finally, credit card companies often offer insurance coverage for vehicles the cardholder rents with the coverage. This coverage varies but it can provide an additional layer of protection.

First Actions After a Crash

If a driver in a rental car is involved in a crash, the steps to take after are the same as the steps taken after a crash involving the driver’s own vehicle. First, the drivers and others involved in the crash need to make sure everyone’s medical needs are met and the appropriate emergency professionals are contacted. Drivers should share their insurance information with others involved in the crash and avoid making unnecessary statements that could imply fault.

As soon as possible, all affected parties should call their insurance providers to discuss a car accident claim. Doing this soon after the crash allows the insurance company to start collecting the data and details about the accident.

Next, the rental car driver needs to call the rental company. The rental company has a role in handling recovery, repairs, and replacement of their vehicle. They may also need to provide insurance information to the driver.

When Is the Driver Liable For Damages?

If a driver of a rental car is guilty of causing an accident, such as in the case of distracted driving and cell phone use, he or she may be liable for the accident. As long as the driver has liability insurance, he or she will not be personally liable for injury or property damage to others in the accident. However, because he or she does not own the car, he or she may have to repay the rental company for the car.

This is where car insurance coverage for rental cars is so important. Collision insurance can protect the driver from this financial responsibility, as the insurance will cover the cost to replace the vehicle. For this reason, rental car drivers are best served by checking insurance coverage before signing for a rental vehicle to ensure they will not be left with a big bill after an accident.

Everyone dreams and wants to win the lottery, don’t we?

But is anyone willing to put in the efforts that may increase the odds of winning, despite knowing how low the chances of winning are? Is anyone willing to play strategically and do as much as possible to be the winner of that lottery?

If you are willing to, then I got some news for you!

We have some big tricks for you from seasoned players that have been tested (and succeeded) so that you can be one of those winners too! Let’s see them!

Join a lottery pool

Many people believe that purchasing additional tickets can increase your odds of winning.

And while that may be true, it is not something that everyone can afford. It obviously isn’t a cheap trick and also does not guarantee a win.

Therefore, instead of playing solo, why not consider joining an existing pool or start your own pool with your friends or colleagues.

That way, you can multiply your chances of winning without investing much and while having so much fun!

A cheaper and more fun way to increasing your odds of winning – yes, please!

Strategically pick your numbers.

Let us give you some statistical tips while picking your numbers that can improve your chances of winning.

• Do not go for consecutive numbers. Try going for random numbers and make sure that the total sum of your five numbers is 104 to 176, as according to the statistics, 70% of jackpots fall in this range.
• Do not go for numbers that fall in the same group or has a similar last digit.
• Do not go for specific dates as they only go up till 31. If you have more options after these, go for those as it can improve your chances significantly.
• Once you pick a combination of numbers, stick to those numbers and don’t keep changing every time you play it. Your chances of winning the lottery with the current number are the same as any other number; why bother changing, and why not stick with the current one?
• Experienced players suggest picking unusual numbers so that you wouldn’t have to split the winnings if you win.
• According to a statistics professor at the Southern University, Dr. Min Su Kim, 20 is the most drawn red ball number over the last ten years. The next more common winning numbers are 2, 31, 35, and 37.
• Choosing numbers from all sections can increase your chances of winning!

Play second-chance games

Don’t throw away your ticket so quickly if you didn’t win it.

Hold on to that ticket!

There might be a chance that there is a bonus drawing, and you could get lucky!

Several games hold second-chance games where you can still win some prizes and cash! It might not be a big prize, but you can still stick around for a few cash or a few prizes that keep you motivated for the next game!

Pick newer games

You can check websites to see if a new game has been introduced so you can play in that one. Since they are new, they will have fresh new prizes, and you can be the first to get your hands on those! (If you get to the store the fastest, obviously!)

Games with less competition!

Think about it – a game with fewer players will automatically mean that your chances of winning are here.

For example, if there are five players, your odds of winning are 1/5. But if there are 500 players, your odds of winning are 1/500. Get it?

So why not go for small or local lotteries that have fewer customers so you can be the winner?

Obviously, the prizes won’t be as big as in the bigger competitions, but hey, your chances of winning are higher! If your priority isn’t big prizes, then this trick is definitely the one for you.

You can go to stores that have fewer customers so that you can be one of those few ones and actually have a chance of winning.

Keep checking your state’s website.

You should keep an eye on your state’s website to see what prizes have already been claimed and which ones are unclaimed so that you don’t waste your time anywhere.

If you live in Texas, a good website for you would be The Lottery Parakeet. Over here, you can find the results and get your hands on various tickets from all over the world – all at the comfort of your home.

So before you head out to purchase that ticket, make sure you check the state’s website!

Recheck your numbers, please!

People have indeed lost their million dollars’ jackpot just because they didn’t check their numbers properly and ended up thinking they lost.

Yes, that is right!

Don’t let that happen to you, please.

When the results are released, check and match the numbers one, two, three, or a hundred times to make sure if you really lost or not.

Besides, don’t be so quick to throw away your losing tickets – you can go for the second-chance games as well that many games offer.

Some additional tips from a 7-time winner

• Buy more tickets if you want to increase your probability.
• Form a lottery syndicate. You can gather money from the lottery players and have a better chance of winning.
• Look for unpopular games at odd timings. You will have less competition as well.
• Keep in mind every number in the lottery has an equal chance of being the winning number.
• Play the right games!

Leave it on luck

In the end, what we will say is keep in mind that it is a lottery game and that the probability of winning it is not so high.

So treat it like a game, don’t spend too much money on it, and don’t be disheartened if you don’t win it! You always have more chances, right?

Good luck to you all!

 

Do you want to borrow money for your wedding or car? No matter what kind of consumer loan you are looking for, you would be interested in knowing the best ways to get a consumer loan. It’s time to unlock these methods one by one.

National Banks

It’s a traditional method of borrowing money. You may already know about it. But when it’s your first time obtaining a loan, you don’t know how painful the whole procedure of getting a loan from the bank is. You will talk to a lending agent. Try to see whether you are qualified for a particular consumer loan or not. If your credit score is zero or bad, then you should save your time by not going with this conventional lending method, because banks are not flexible in their terms. Know what makes up your credit score. When you have a good credit score, you still have to go through all the hassle, but in the end, you can expect a reasonable interest rate.

Credit Union

When you like to knock for help at the door of a less-rigid financial player, you should pick a credit union. They are more flexible than banks, but again your credibility matters the most. You can’t make a good deal when your financial condition is poor. However, with your good credit score, you can have your hands on the best terms and conditions.

Online Fast-Money Lenders

People whose loan applications get rejected by banks seek refuge in the online lending market. It’s because this market quickly welcomes all borrowers despite their credibility. It means you can get a loan no matter if your credit score is good or bad. Online consumer loan providers facilitate their customers through flexible loan options. You can add ultimate convenience into your life by filling an online application and get a loan amount directly into your bank account upon approval. You won’t have to go through any hassle of traditional banking. Many personal loans and especially title loans are available with quick approval. In most cases, you can get loan approval in less than 24 hours. When you have cash emergencies, then consumer loans online are undoubtedly the best option to avail. Read complete guide about online consumer loans and find out how you can get them.

Payday Lenders

Payday lenders work online and in-store and let you borrow money quickly. However, payday loans are regarded as a bad idea by many experts; it’s because of the bad reputation of the lenders. Borrows opt for this kind of loan as he knows that his assets aren’t at risk. If he doesn’t pay back the money, then no one will come after his property. What he doesn’t realize is that payday lenders have an organized collection system. If you don’t pay back the money on your next payday, then collection agents will do anything to get back your money.

Wrap Up

You can get consumer loans not only online but also through traditional ways. However, when you want to skip the hard part of the financing, the online world certainly offers you an exceptional comfort level. You can get both secured and unsecured loans from online lenders.

Accidents are traumatizing, and no one would ever wish to get involved. It damages property, along with causing harm to those involved, sometimes death. Sometimes the inconvenience may be great, needing police, and lawyer intervention. Most collisions involving another car don’t leave one with injuries. However, you will have to spend money on repairing damaged parts of your vehicle and even compensate the other driver if you were the at-fault party. Also, it can be overwhelming if you have to deal with the other driver’s insurance provider. But don’t worry, settling with the other driver doesn’t need the involvement of insurance firms.

So, do you need to settle the accident with or without insurance companies?  

The best thing to do after an accident would be to consult a professional. This will help you if you aren’t sure of what to do. An experienced car wreck attorney will tell you the best decision that suits your case, usually at no fee. The process will involve financial recovery and protection of your future.

No insurance? How can you settle a car without it? 

During a car accident, the at-fault party should be liable for the damages that occurred. Some cities even require you to keep liability insurance. It is auto insurance that covers any injury and damage to property. The insurance company that the at-fault party registered with settles with the victim in the absence of an attorney. You may have auto insurance, although it is not necessary to use them to cover an accident.

Check out the following before you decide to use insurance companies or not.

Accident severity – It only makes sense to exclude insurance companies if the accident is minor. Bodily damages suffered due to an accident can be costly to treat; hence you may need an insurance cover to cater to such. Some injuries are minor and may not need to involve your insurance provider in claim filing. If you do so, you may spend more. A mechanic can tell you if your car damage is minor and if it doesn’t require you to involve your insurance provider.

Accident intricacy – Sometimes, it may be difficult to tell who is the at-fault party in the accident. This may cause disagreements hence requiring lawyers and insurance firms to get involved. Simple accidents amicably can prevent spending money and save both party’s time.

The other party’s conduct – Both parties must agree if they want to settle the car accident without involving lawyers and insurance firms. However, think twice when a driver offers you instant cash or directs you to repair your car at a specific mechanic shop. The costs could be more and may need insurance intervention. Both of you can also agree to file claims with your insurance company based on the accident. This is important if you want to get a coverage claim from them.

Before you settle your accident, ask yourself these questions. Is it the right thing to do based on the severity of the accident? Are you sympathetic because a relative or friend is the at-fault party and would like to settle it privately? Are you the only cause of the accident? Taking photos of the damage after an accident is a great way of exchanging information with the other party. Ensure you retain all relevant documents concerning the accident to help you budget for the expenses if you don’t want to use insurance. Ensure you have a legally binding document to know your payment terms, signed by you and the other party involved in the accident.

Conclusion

Surviving a car accident brings lots of questions on what action to take next, especially if it wasn’t your fault. Minor damages can be solved by both parties agreeing to settle things amicably minus the need for insurance. Sometimes both parties may involve lawyers and insurance companies if the situation gets out of hand. This is why Atlanta car wreck lawyers handle complicated cases to ensure their clients get just and fair outcomes in injury cases. Most of these lawyers give information at no fee to let you know what to expect if you intend to proceed.

 

The average person spends at least six hours online in a day. Random net surfing, shopping or interacting with friends on different social media platforms are just a few of the numerous activities we do. But what if we tell you that you can use your online time to make some extra cash?

In this article, we give you a rundown of a few online activities that you can participate in and possibly win big. With most activities, winning can either be based on chance, luck, or skill. Simply explore the option that appeals to you the most from our list of examples below.

Online Casino Games

Online casino games are very popular among a large group of people. That’s why you’ll find multiple online casinos to pick from. The question is: are they reputable? As you know, with any online activity involving monetary transactions, there’s a risk of getting scammed.

To protect yourself from dodgy individuals, be sure to register only on legit online casinos Canada, Europe and America offer. Consider how long the site has been operating for, read up on a few reviews and ascertain if it’s indeed legitimate.

Upon registering, you instantly open yourself up to a world of potential jackpot winnings depending on how lucky you are of course. Either way, it’s fun!

Online Gaming

If you’re more of a gaming enthusiast, then you can consider playing online games to win some money. Paid Game Player, Swagbucks and Slingo are just a few examples of online gaming activities that allow you to win big.

Again, we can’t overemphasise the need to register with legitimate sites to avoid being swindled of your hard-earned cash. Most gaming sites offer free membership. Simply register and you’ll be able to play against other gamers or participate in different tournaments depending on the online game in question.

Online Crossword Games

What if you’re not into gaming or gambling, but love playing around with words? There are several online crossword games you can play and win big in the process.

Wealth Words is among the most popular online word games you can play. Just make sure you’re above 18 and your vocabulary game is top notch. You can play the game conveniently at any time and from anywhere as long as you have a strong Wi-Fi connection.

Final Words

There’s clearly an online activity for everyone. You simply need to discover where your interests, talents, skills and luck lie. Do you have a knack for brain games or numbers? Maybe you’re confident in your lucky streak?

The internet is there for you to explore. Instead of spending hours and hours online on unproductive activities, why not attempt to make money in the process?

But we can’t stress the importance of visiting reputable sites before you join. As you know, the internet is filled with scammers.

With that said, which online activity from our list are you keen to try out? Let us know in the comments section below!

 

 

Shopping for a gift can be overwhelming, especially if you have no idea what to buy. Enter gift cards.

Gift cards can be a fantastic present because they enable people to buy exactly what they want. As long as you know where they prefer to shop, you can hit the bullseye with a gift card.

Here are some of the most exciting The Gamers Fate gift cards that your friend or loved one will actually use. 

1. Amazon Gift Card

Who doesn’t like shopping on Amazon? You can get pretty much anything at its online store, from electronics and household items to apparel and books.

With an Amazon Gift Card, your gift recipient can choose from literally millions of different items. They can use them anytime, which is perfect if they want to wait for a big sale. Who said that gift cards have to be boring?

2. Xbox Game Gift Cards

Gamers love getting new games, right? But if you have no idea which game your gamer wants, you can simply get them a gift card.

Gift cards for Xbox games are ideal for anyone who owns an Xbox device. At The Gamers Fate, you can get an Xbox Live Gift Card for downloading games, game add-ons, apps, TV shows, and movies. The card even allows purchasing various devices from Xbox and Microsoft Store.

There are also other Xbox gift cards for a wide range of games. You can get a card for Fortnite, World of Warcraft, League of Legends, The Elder Scrolls, FIFA 19, and more. Of course, that’s perfect only if you know which game your gift recipient is eyeing.

3. Steam Wallet Gift Card

Here’s another excellent gift for gamers. But don’t worry – even if you’re not familiar with Steam, your gamer friend certainly is.

On Steam, you can add funds to your account to purchase games and add-ons on the platform. You do that with your digital Steam Wallet.

If the person you’re buying a gift for has a Steam account, they could use a Steam Wallet Gift Card from The Gamers Fate. They can use it to add credits to their digital wallet and pick from more than 2,000 games. Who wouldn’t want a gift like that?

4. Nintendo eShop Gift Card

You’ve certainly noticed a pattern here – yet another gift for gamers. That’s simply because games can be very expensive, and gift cards can significantly reduce the prices.

Also, who’s not a gamer these days? Even if your friend or significant other doesn’t play them all day long, they might enjoy relaxing with a good game from time to time.

If they love Nintendo games, get them an The Gamers Fate for the Nintendo eShop. They can also use it on the official Nintendo site anytime.

5. iTunes Gift Card

iTunes gift cards are very popular, but they’re not just for music lovers. Apart from streaming and downloading songs, people can use them to stream and download movies, TV shows, and podcasts.

What’s more, they also work in the App Store and Mac App Store. Even the Apple Books Store (formerly iBook Store) supports them, so your friend can have access to tons of books and audiobooks.

6. Google Play Gift Card

If you’re buying a gift for an Android user, a Google Play Gift Card might be your way to go. Like with iTunes, this card is for buying apps, games, songs, books, audiobooks, and anything else Google Play offers.

For instance, there is plenty of premium fitness, wellness, and meditation apps that your friend might like. There are also awesome games with in-app purchases that enhance the gaming experience. You can really never go wrong with such a gift.

7. Netflix Gift Card

A Netflix Gift Card from The Gamers Fate is also a fantastic choice for a gift. It’s perfect if your gift recipient is a TV show or movie enthusiast (who isn’t?), but doesn’t have a subscription yet.

This gift card would provide them with access to unlimited Netflix content that they can enjoy anytime and anywhere. Gifting a Netflix membership to someone special is certainly a great way to show them you love them.

Keep in mind that it’s not a lifetime membership. It only pays for a limited time, but it would still make them happy. 

Found Your Perfect Gift?

Each of these gift cards can be a perfect gift if you know what your friend or loved one likes. The cards give them the freedom to choose their own gift from their favorite online stores.

The best part? These gift cards don’t have an expiration date. That special someone can use your gift anytime, which is ideal if they don’t even know what to get just yet.

Studying at a college does not come cheap. Even if you’re on scholarship or you have access to loans and grants, you still need to spend on other academic-related expenses. But the good news is that there are several ways to earn money on campus.

Regardless of your schedule or time, some opportunities or apps provide easy options to earn a few extra cash to cater for some of your needs on campus. This article will show you six easy ways to make some extra bucks in college.

Six easy ways to make money in college

1. Apply for a work-study job.

There are several part-time jobs that you can apply for on campus. These jobs are funded by the government, are designed with your academic calendar and schedule in mind. The gigs include administrative positions in any of the offices on campus or working as a receptionist. Submitting the relevant credentials to school authority will get you qualified for a work-study job on campus.

2. Educate other students

If you’re exceptional at any or a subject, you should consider tutoring one of your classmates or any other student. You can look up opportunities at the offices in charge of employment, department offices at your institution and other schools within your locality. Furthermore, you can register to be a tutor at popular academic sites such as Tutor.com,Tutorvista.com, VIPKID, Chegg Tutors, and other. These sites are reliable and you also determine the rate of payments.

3. Pick up driving jobs

You can become a driver if you have access to a good vehicle. Nowadays, there are sites like Uber and Lyft that make it easy to pick up driving jobs. The good thing about working through such sites is that you not only get to work as your own boss, but you can be flexible with your schedule.

4. You can go on errands or Make food delivery.

Many people are are looking for certain help and are willing to make payment for such services. You can register do all the tasks for the people in your area via services like TaskRabbit. Some of the everyday functions are as follows; installing TVs, assembling furniture, or going to the shop.

Food delivery is a lucrative business that is widely accepted with the advent of apps like Eats, DoorDash, Postmates, and delivery of grocery with the use of Amazon and Instacart. You can join these services online by registering with them and then set your working schedule.

5. Apply for a pet sitting job or house sitting job.

There are many popular sites like Care.com and Rover that connect homeowners with a potential online pet or homesitters. A lot of people out there will make payment to a person that is capable of staying in their house and looking after things when they outside their city. This can include simple tasks like picking up mail or other jobs like looking after their pets.

6. Try editing and proofreading of your peer’s papers.

Many students find it challenging and are looking for help with essay. Hence if you have a strong background in content writing, you can help to proofread or edit the essay of other students in exchange for an agreed sum of money. Offering this kind of service is an excellent way to make a few extra bucks.

Final words

Besides these six ways, other jobs can make you some cool bucks in college. Every student needs to engage in at least one side hustle that can help them take care of some of their college bills. You must, however, consider how this jobs will fit into your schedule to avoid clashes with your classwork

 

The Canadian gold maple leaf coin is one of the most sought after gold coins in the world. To discover a few interesting facts about the Canadian gold maple leaf coin, simply continue reading.

The Canadian Royal Mint first started producing the gold maple leaf coin in 1979. To this day, the Canadian Royal Mint continues to produce the ever popular Canadian gold maple leaf coin. The Canadian gold maple leaf coin is issued once a year.

It has a face value of 50 Canadian dollars:

While some gold and silver coins have lesser values of $10 or $20 dollars, the Canadian gold maple leaf coin features a face value of 50 Canadian dollars. However, as gold is priced by weight, each Canadian gold maple leaf coin is worth far more than $50.

In 2007, the Royal Canadian Mint produced a gold maple leaf coin which featured a $1 million dollar value, instead of a $50 dollar value. This collectible coin is estimated to be worth approximately $3.5 million dollars. It is 50 cm in diameter and 3 cm thick.

If features a portrait of Queen Elizabeth the II:

As Canada remains a commonwealth country which is governed by Queen Elizabeth II, the reverse side of the Canadian gold maple leaf features a portrait of Queen Elizabeth II.

The age of the queen varies depending on the year which each Canadian gold maple leaf coin was produced. The gold coins which were originally produced from 1979-1989 feature a portrait of Queen Elizabeth II when she was 39 years old. While the coins which were produced in 1990-2013 featured a portrait of a 64 year old Queen Elizabeth II. Finally from 2014 to the present day all of the Canadian gold maple leaf coins which are produced feature a portrait of a 79 year old Queen Elizabeth II.

So you’ll be able to tell how roughly how old a Canadian gold maple leaf coin is, without looking at its date of issue, simply by seeing how old Queen Elizabeth II seems to be. On the reverse of your coin.

It features as maple leaves are synonymous with Canada:

It may not come as a surprise that the Canadian Royal Mint and the Canadian government chose to design a gold coin, which features a maple leaf. As the maple leaf features on Canada’s flag and has always been seen as one of the official symbols of Canada.

Purchasing Canadian gold maple leaf coins:

Collectors around the world collect Canadian gold maple leaf coins as they are seen as a stable, sought after coin to collect. So if you’re looking to expand your own coin collection, it’s a wise idea to purchase a few gold maple leaf coins. One platform which you can purchase Canadian gold maple leaf coins from is Lear Capital. Is Lear Capital legit? Yes, it was first established back in 1997 and has processed over $3 billion dollars of transactions in over 20 years.

 

Budget 2020 has brought about several changes in the tax structure of India. Read on to know more about how the changes proposed in this year’s budget.

Budget is one of the critical events in the country that every taxpayer pays attention to. While some want the amount in tax slabs to be increased, others wish to the interest rate to go down. Things were no different with Union Budget 2020 too. Everyone wanted to see how the finance minister will help the citizens save money. The Govt has reduced tax rates of almost every salary group. However, the new budget is only for those who can let their exemptions go. For the ones who want to claim exemptions and deductions, they can pay tax with the old rates. The Govt has allowed the citizens to pick between the old and the new income tax rate.

Here is the income tax slab 2020

• People earning up to Rs. 5 Lakh don’t have to pay any tax. If their salary goes above Rs. 5 Lakh, then their tax slab will begin from Rs. 2.5 Lakh.
• People between Rs. 2.5 Lakh and Rs. 5 Lakh must pay 10% tax.
• Salary group between Rs. 5 Lakh and Rs. 7.5 Lakh will have to pay 10% tax.
• People who are earning between Rs. 7.5 Lakh and Rs. 10 Lakh must pay 15% tax.
• Salary group between Rs. 10 Lakh and Rs. 12.5 Lakh must pay 20% tax.
• For people in salary group between Rs. 12.5 Lakh and Rs. 15 Lakh, they must pay 25% tax.
• People earning above Rs. 15 Lakh must pay 30% tax. The tax rate for this salary group is the same as it was in the old regime.

Taxpayers must pay less amount with the new regime compared to the old regime. Here is a comparison between both the regimes-

Salary	New Tax Regime	Old Tax Regime
Up to Rs. 2.5 Lakh	Nil	Nil
Rs. 2.5 Lakh to Rs. 5 Lakh	5%	5%
Rs. 5 Lakh to Rs. 7.5 Lakh	10%	20%
Rs. 7.5 Lakh to Rs. 10 Lakh	15%	20%
Rs. 10 Lakh to Rs. 12.5 Lakh	20%	30%
Rs. 12.5 Lakh to Rs. 15 Lakh	25%	30%
Above Rs. 15 Lakh	30%	30%

However, the new income tax slab rate is only for those who will leave their exemptions. If people want to claim exemptions, then they can pick the old tax regime.

Here are some exemptions that are left out in the Union Budget 2020

• House Rent Allowance
• Housing Loan Interest
• Standard Deduction of Rs. 50,000
• Section 80C Deduction of Rs. 1.5 Lakh
• Leave Travel Allowance
• Medical Insurance
• NPS Contribution Deduction of Rs. 50,000
• Savings Bank Interest under Section 80TTB of Rs. 75,000
• Education Loan Interest
• Disability Deduction of Rs. 75,000 to Rs. 1.25 Lakh

The Govt has allowed some exemptions that can still be claimed

• Standard Deduction on Rent
• Life Insurance’s Income
• Leave Encashment on Retirement

The income tax exemption was different for three age categories in the old regime. However, it is the same for every age category in the new regime. The exemption limit was Rs. 2.5 Lakh for people below 60 years of age in the old regime. It was Rs. 3 Lakh for people between 60 to 80 years of age. For people above 80 years of age, it was Rs. 5 Lakh. In the new regime, the amount is Rs. 2.5 Lakh for every person.

 

According to Oxfam, 30.4 million South African’s live in poverty. Although the Rainbow Nation has long fought to achieve equality, the country still faces a great wealth divide. Black African women are particularly affected by this wealth gap, with 49.2% reported to be living below the poverty line in 2015.

South Africa’s unemployment rate is another factor affecting personal finance in the country. Currently standing at 26.7% of working adults, unemployment is a particular issue for South African youth, 55.2% of whom are not currently in work.

Amidst these – and many other hot button issues – a fight for financial inclusion is taking place. Supporting citizens to become informed about finance and access financial services is now the goal of many charitable organisations, government schemes and corporate outreach initiatives. Although increasing financial inclusion does not directly alleviate the problem of poverty, or increase job opportunities, this approach may empower consumers to make more informed decisions regarding their personal finances.

This empowerment may have many benefits. Consumers with enhanced financial literacy are less likely to fall prey to scams, or choose inappropriate financial products. By ensuring all South Africans have the tools they need to access and accurately evaluate financial services, the country may help individuals escape potential poverty traps.

Access to finance products

Financial education and access to financial services are the two cornerstones of financial inclusion. Across the 1.2 million km squared nation, many of the most financially vulnerable live in areas where services are less accessible. From basic current accounts, to access to regulated loan products, 11 million South Africans are currently unbanked or underbanked.

Technology is rapidly transforming this picture. 4G is now available across the majority of the country, and 80% of the population are believed to have access to smartphones. These figures will continue to rise, gradually reaching the poorest and most isolated communities, where access to digital financial services could at last provide people with convenient access to banking products.

Although South Africa’s “Big Five” traditional banks currently dominate financial services, a raft of new digital services are now entering the market, including short-term loan providers ‘Wonga’ and new digital bank ‘Bank Zero’, supporting remote access to financial products.

Boosting financial education

As financial products become more accessible, formerly financially naive consumers require financial education to ensure responsible use of such services. With 0.4% of all financial service companies’ after tax net profits going towards consumer financial education (in line with the Financial Sector Code), increasing funding is available to support South Africans in becoming informed consumers. In 2018, spending on financial education for consumers totalled an impressive R153 million.

But is increasing access and education paying off? The coming years will be critical in assessing the effects of burgeoning financial inclusion upon the South African population. If positive results are to ensue, education and access must come hand in hand, to ensure new communities have the appropriate skills to benefit from fresh access to services.