Building a legacy of financial security this Heritage Month

Heritage Day in South Africa is celebrated as a colourful display of our diverse cultures and traditions. We gather with family and friends, share stories, and celebrate the values passed down through generations. But what if our heritage could also include a foundation of financial security? This Heritage Month is the perfect time to honour our roots by having honest conversations about money and turning any unspoken fears or concerns into a positive legacy for the future.

Talking about money continues to be a taboo subject in some social circles. We’ve inherited a culture where financial matters are often kept private and may even be mired in past anxieties. These "money traumas" can manifest in different ways: perhaps a family member's past struggle with debt, a lack of transparency around a will, or simply the discomfort of discussing personal finances. This reluctance to talk about money often has its foundations in a fear of conflict, judgement, or the perceived shame of not being "successful" enough. The reality is that avoiding these conversations only prolongs the problem, creating a cycle of uncertainty and unpreparedness.

One of the most common examples of this avoidance is the topic of a will. While a will is a critically important legal document, its value is often overshadowed by the discomfort of confronting one's own mortality and the potential for family disputes. People often put off drafting or updating a will because it forces them to face uncomfortable truths about their assets and their wishes for the future. The conversation isn't just about who gets what; it's about making clear, intentional choices that can prevent heartache and financial stress for those you love most.

Instead of seeing these conversations as a source of conflict, we need to reframe them as acts of love and responsibility. Sharing our financial goals, fears, and plans can strengthen family bonds. It’s about building a collective understanding of your financial heritage, from how you manage debt to how you save for life's big milestones. By talking openly, we can share knowledge, break down old stigmas, and create a new financial narrative for our families. This doesn't mean airing all your private details, but rather, establishing a level of transparency that allows for collaboration and support.

This is where a trusted financial adviser becomes an invaluable partner. A financial adviser is not just for high-net-worth investments. A good adviser is an empathetic partner who can facilitate these sensitive conversations, providing a neutral space to discuss challenging topics and offering objective advice. They can help you move from a place of fear to one of empowerment, providing practical tools like budgeting strategies for cultural traditions, be it a wedding, a funeral, or educational needs.

Ultimately, your financial heritage is a reflection of your values. Do you want to pass on a legacy of debt and uncertainty, or one of security and opportunity? The financial choices we make today - whether it's building an emergency fund, saving for a home, or simply creating a clear budget - are all part of the story we’re writing for future generations.

This Heritage Month, let's honour our traditions by committing to a new one: open and honest conversations about money. It's an act of courage, a tribute to our past, and the most powerful way to build a legacy that truly lasts.

* Zibi is the head of trade marketing at Momentum Advice.

PERSONAL FINANCE