Tana Malinga
Five simple habits to help South African seniors stay financially strong as medical expenses soar
28 OCTOBER 2025: Growing older should mean more comfort, not more worry. But for many South Africans, health costs are climbing faster than their income. From chronic medication to regular check-ups and medical aids, expenses are piling up – leaving many seniors stretched thin.
According to Statistics South Africa (Stats SA), fewer than one in four elderly South Africans belong to a medical aid or private health plan. The rest rely on public healthcare or must pay out of pocket for their treatment.
FNB’s Retirement Insights Survey reveals another concern – only one in ten South Africans plans to retire at 60. Many keep working longer just to stay financially afloat. “When health costs rise faster than income, the pressure is real,” says Dhashni Naidoo, FNB’s Consumer Education Programme Manager. “But with the right habits, seniors can stay in control. Small, steady financial steps make a big difference.”
TREAT YOUR MONEY LIKE YOUR HEALTH
Just like your body, your finances need regular check-ups. Ignoring small problems – like unpaid bills or untracked spending – can turn into bigger headaches later.
Naidoo shares five smart habits to help seniors manage growing medical costs:
- Track and plan your health spending. List every expense – medication, doctor visits, supplements. Review often and adjust before debt builds up.
- Pay yourself first. Save a small amount monthly for emergencies. Even a little adds peace of mind.
- Avoid using credit for crises. High interest can trap you fast. Use credit only when truly necessary.
- Know your needs vs wants. Focus on essentials – food, housing, healthcare. Cut back on extras.
- Review your plan yearly. Medical prices rise fast. Update your budget every year to stay prepared.
AGE WITH CONFIDENCE
“Being financially healthy is about awareness, discipline, and making better choices with what you already have,” Naidoo adds.
By planning ahead, saving smartly, and managing debt, South African seniors can face rising healthcare costs with confidence – and enjoy their golden years with pride, dignity, and peace of mind.
