Financial stress is the new normal
For over half of Namibia's workforce, pressure is an immediate reality – not a short-term phenomenon. According to the 2024 Old Mutual Financial Services Monitor, 52% of Namibian employees report experiencing financial stress. This is not just a statistic; it reflects the choices, sacrifices, and unspoken battles people face every day.Financial stress takes many forms. It’s the fear that your pay cheque won’t last until the end of the month. It’s the mental strain of trying to save for a rainy day while keeping up with bills, groceries, and school fees. When a single unplanned expense has the power to derail your entire budget, it creates a quiet panic.
For many, it’s not just about money – it’s about security, dignity, and the freedom to plan for a more stable future.
What’s especially alarming is how this stress affects overall well-being. Financial strain is having a detrimental impact on the mental and physical health of nearly one-third of Namibian employees. Financial well-being is no longer just a personal issue – it has become a public health concern.
Take notice!
Policymakers, communities, and employers must take notice. The roots of this pressure are deep and varied. The rising cost of living, which is not matched by rising incomes, coupled with growing financial commitments, is a major contributor. Many Namibians are part of the so-called “sandwich generation”, supporting both adult dependents and children. This double burden stretches resources thin, leaving little room for saving or investing.
Despite a visible display of resilience – through entrepreneurship, side hustles, and quiet saving efforts – the underlying pressure persists. But financial stress does not have to be permanent.
The first step is awareness. Once we understand the scale of the issue and its impact, we can begin to take meaningful action. This includes creating open channels for dialogue around money, providing practical budgeting and planning tools, and ensuring financial literacy is accessible to everyone.
It also means recognising that economic hardship is often a sign that the system needs reform – not that individuals are failing. Namibians are doing their best with what they have. They are enduring, adapting, and making ends meet. But they shouldn’t have to do it alone.
It’s time to turn the page. Let’s talk about financial wellness as a collective goal, not just an individual burden. Let’s make it acceptable to seek help, make preparation straightforward, and ensure stress is no longer part of our financial journey.
*Mignon du Preez is the Group Marketing, Public Affairs and Sustainability Executive at Old Mutual Namibia.