SA Hopeful Vax Will Restore their Ability To Earn An Income

Key takeaways

Only 18% of respondents had been vaccinated before completing the survey.
62% of respondents voted Johnson & Johnson as their preferred vaccine brand.
57% felt the economy will recover more quickly now that there is a vaccine.
64% believed their ability to earn income will be restored.

South Africa’s Covid-19 vaccination rollout has started to gain momentum, with registrations now open for those aged 35 years and up. The Ministry of Health reported at the beginning of August that some 7.57 million people, representing roughly 13% of South Africa’s population, had been vaccinated.

As the rollout continued, personal finance website JustMoney.co.za conducted a survey to find how people view vaccinations, and how they think it will affect their lives and finances.

Vaccination side-effects

Of the 375 people who participated in the survey, 18% had been vaccinated at the time of responding, while 82% had not. Over 65% of those who have had their jab said they did not experience any side effects, while close to 35% complained about dizziness, nausea, body aches, swollen fingers, and numbness of some body parts. They didn’t experience all of these side effects at once, but they had one or more of them.

About 28% of those who had not had their jab yet said they would not consider getting a vaccination, while over 64% said they would. The remaining 8% were still undecided.

When asked whether they had lost a loved one because of Covid-19, about 37% said yes, while 63% said they hadn’t experienced such a loss.

Vaccine education

While over 81% of respondents said they followed the vaccination global news updates, close to 19% said they were not up to date. A good 76% considered themselves well educated about the vaccination options, whereas 24% said they were still in the dark.

Johnson & Johnson came out on top as the preferred brand of vaccine. About 62% of the respondents favoured it, followed by Pfizer at 30%, AstraZeneca and Sputnik V at 3%, and Novavax and Moderna at 1%.

Close to 54% of those who participated said they knew at least 1 to 5 people who had been vaccinated, 17% said 6 to 10, 7% said 11 to 20, and close to 22% said they knew more than 20 people.

Just over 36% were confident in the immunity of those who have been vaccinated, 43% said they were moderately confident and some 21% said they were not confident at all.

Economic recovery

Over 57% of the respondents were confident that the economy will recover more quickly now that there’s a Covid-19 vaccine, while close to 43% felt otherwise.

Over 64% believe that their ability to earn an income will be restored once they have been vaccinated, while close to 36% thought it would not make any difference.

Shafeeka Anthony, marketing manager for JustMoney, says, “The pandemic has taken a lot from people. Some have lost their loved ones, and others have become jobless. It has reminded us of what is really important in our lives, and the need to plan ahead for difficult times.”

Three key takeaways, said Anthony, were the need for an emergency savings plan; medical aid; and appropriate insurance.

Emergency savings:

If you have dependants and owe money on a bond or vehicle, it is essential to start saving for an emergency as soon as possible. It’s best to start doing this as soon as you start earning, especially if you are self-employed, as some months are quieter than others. While an emergency fund cannot make up for losing your job, it can lessen the impact of short-term disruptions.

Medical aid:

Covid-19 has reminded us of the importance of taking care of our physical and mental health and ensuring that we will receive appropriate help if we need it. Medical aid, which involves paying a monthly premium in exchange for financial cover for medical treatment, brings some peace of mind.

Insurance:

Cover protects you against the unexpected and takes many forms, from disability and home contents insurance, to credit life cover, which ensures that your monthly premiums are covered for a certain period if you cannot afford to pay them.

Vaccinations hold the promise of returning to a form of normalcy in due course, concludes Anthony, but Covid-19 reminds us of the constant presence of uncertainty. More than ever, it is important to put good financial habits in place. Age-old habits such as saving and avoiding debt make more sense than ever.

The JustMoney website is an excellent place to educate yourself as it offers easy-to-understand, well-researched articles, money management tools, and a full range of financial products and services. Over 200 000 South Africans subscribe to the newsletter to stay informed. See https://www.justmoney.co.za/