Covid-19 vaccine misinformation can harm your financial health

South Africans are facing issues they could never have predicted two years ago.

What began as a health threat not only in South Africa but around the world, quickly morphed into something much bigger, not just impacting our physical and mental wellbeing, but also wreaking havoc on one’s financial health.

Sadly those who were most vulnerable, to begin with, have been hit the hardest.

“It’s clear that too many South Africans have been left out and let down. The country’s lack of financial literacy has seriously compounded the impact of this crisis and now, as so many South Africans face unprecedented financial stress, it is imperative that we make health a national priority,” said Mr Bertus Jansen, regional general manager at Momentum in Mpumalanga.

While South Africa’s vaccine rollout programme is gradually gaining pace, Mr Jansen said that there seems to be a concurrent and growing trend of opposition against the use of vaccines that are primarily based on false information.

According to Mr Jansen, the United Nations (UN) has termed this misinformation an “infodemic”, with misconceptions ranging from the vaccine altering human DNA to cause infertility and even fatalities.

“While the government has secured enough doses to vaccinate about l45 million people, the advent of this vaccine hesitancy threatens to needlessly hamper the country’s efforts to achieve herd immunity,” said Mr Jansen.

He said that not only could this counter-movement have serious implications on public health, but that there is a strong case to be made for the fact that it could damage many consumers financial wellbeing.

A survey that was published by the University of Johannesburg and the Human Sciences Research Council, suggests that about 52 per cent of South Africans would definitely take the vaccine. For those who have expressed doubts over the vaccine, 25 per cent concern was over the potential side effects and 18 per cent do not believe that vaccines are effective. 11 Per cent cited conspiracies or occult reasons for their hesitancy.

“What this means is that variants will continue to spread and more people will die. Each Covid-19 case requires weeks of costly rehabilitation. Even after the pandemic fades, millions of vaccine refusers could turn into hundreds of thousands of patients who need extra care, should they come down with the disease,” said Mr Jansen.

Mr Jansen said that these beliefs are even more insidious than one may think since there is a very real financial side to opting out of vaccination.

“Financial advisers could play an extremely valuable role in helping people to look at the information objectively and help them to come to the right decisions. Momentum, for one, supports the scientific view of the protective power of vaccines,” said Mr Jansen.

The costs of a critical illness, such as Covid-19, can have a massive impact on one’s finances that far outweighs the risk of possible vaccine side effects.

“Your ability to work, save and plan for your financial future could also be significantly impacted if you or a member of your family becomes severely ill. While there are financial products that cover this risk (and insurers do not require clients to be vaccinated as a condition of cover), these products can only do so much.

“The best way to ensure your financial wellbeing is to make the right decisions. This includes having a valid and executable will; dying without one can far-reaching consequences,” said Mr Jansen.

He said that misinformation and refusing to get the Covid-19 vaccine will have higher healthcare costs, which means somebody has to pay for that decision.

“You’ll pay for the individual’s decisions in insurance premiums if he has a plan with your provider. The vaccine refusers could cost us billions. Maybe more, over the next few decades, with all the complications they could develop. We can’t do anything about it except hope that more people get their vaccinations than those who say they will right now.”

According to Mr Jansen, the country’s vaccine rollout is still far from complete and that it is crucial to have financial plans in place with adequate cover to provide for loved ones should the unthinkable happen.
Covid-19 is a threat to all people. While the cost of death is difficult to quantify, Mr Jansen says significant expenses arise when someone dies.

“There are funeral expenses, estate duty and executors’ fees that simply have to be paid. Then there are the regular monthly bills and expenses to cover. The list goes on and on,” said Mr Jansen.

More specialised options address the estate administration costs and professional fees associated with a loved one passing away. If that person was also the breadwinner, specialised life cover options exist to replace that loss of income.

Increasing debt and the rising costs of living have put South Africa under immense financial pressure and the onset of Covid-19 has made this even worse.

It is said that more than half of credit-active consumers in South Africa are in arrears and many are trapped in a debt that is spiralling. Struggling with debt means cutting down on expenses, insurance and savings and can impact one’s prospects of creating wealth.

“We understand that this is an unprecedented time and one that can leave you with many questions unanswered about Covid-19 and its future impact. For sound and knowledgeable financial advice about how any eventuality can affect your finances and help or harm you and your journey to success, it is always good advice to speak to an accredited financial adviser,” concluded Mr Jansen.

For the latest updates about the Covid-19 vaccine visit the Momentum website.