Black tax is a term that originated in South Africa to describe money that Black (or other people of colour) professionals provide to their families on a monthly basis, usually out of obligation, in addition to their own living expenses. It is caused by a persistent economic imbalance dating back to apartheid and slavery. "When compared to those who do not have the financial responsibility of caring for extended family members, such as parents and siblings, even grandparents and grandchildren, the issue of 'black tax' can make it extremely difficult to save."

 

Guest on the line: SELOKELA MOLAMODI 

Guest on the line: Sinovuyo Sopholi .

Guest on the line: Dr Nomsa Ntshingila (Youth-headed households) Psychologist 

Guest on the line John Manyike – Head of Financial Education at Old Mutual