BUSINESS NEWS - Men are often focused on providing for their families, building careers and securing their financial futures, while their own health and well-being take a back seat.

Movember provides an opportunity to highlight men’s health issues, including prostate and testicular cancer, mental well-being and the pressures associated with work and family responsibilities.

However, an unexpected cancer diagnosis, serious illness or mental health challenge can have consequences that extend beyond physical and emotional well-being. 

A prolonged period away from work or a permanent disability can affect earning capacity, household finances, debt repayments and long-term family goals.

According to Ross McMillan, a financial adviser at Momentum Financial Planning, people often neglect to plan for the financial consequences of circumstances of unforeseen setbacks.

“Most of us have a plan for the future we hope to have. Far fewer have a plan for the future they hope to avoid. Yet the single biggest asset in many households isn’t the house or the retirement fund. It’s the ability to keep earning an income,” says McMillan.

Statistics South Africa’s 2025 mid-year population estimates put life expectancy at birth at 64 years for men, compared with 69.6 years for women.

McMillan says men frequently postpone medical check-ups, overlook early warning signs and avoid discussing stress or financial difficulties. Reluctance to acknowledge financial vulnerabilities can have similar consequences, particularly when debt, insufficient savings or gaps in insurance cover are unaddressed. 

“The pressure to appear strong and in control is real. But avoiding a difficult conversation doesn’t make the risk go away. It just means the family carries it without knowing,” he says.

The financial consequences of losing an income

A serious illness, disability or extended absence from work can significantly reduce or eliminate an income, while household expenses such as medical costs, school fees, debt repayments and everyday living expenses continue.

The scale of the potential shortfall is highlighted by the Association for Savings and Investment South Africas (ASISA) 2025 Insurance Gap Study. The study estimates that South Africa’s 16.1 million formally employed income earners have a combined life and disability insurance shortfall of R50.4 trillion.

On average, existing insurance cover would provide only 39% of the income families would need if their primary earner died or became disabled. 

When an income earner becomes disabled, the average household dependent on that income could face a reduction in living expenses of up to 37% if there is no alternative income source.

McMillan warns that financial plans focused exclusively on building wealth may be vulnerable when an unexpected health setback affects a household’s ability to earn.

Retirement savings may have to be used prematurely, investments could be sold at unfavourable times, and debt may accumulate when regular income is interrupted.

Building financial resilience

Financial planning should consider not only how much a person wants to save or invest, but also how a household would manage if its main income earner could no longer work.

McMillan suggests reviewing several aspects of household finances, including:

Emergency savings: How many months could the household cover its expenses without the primary income?

Debt obligations: Which repayments would become difficult to maintain, and could debt be reduced or restructured?

Financial dependants: What would children, spouses, parents or other family members need if the household income changed?

Retirement planning: Would retirement savings remain on track if contributions had to stop temporarily?

Financial protection: Are existing insurance policies, beneficiary nominations and wills up to date and aligned with current family responsibilities?

“The point of the exercise isn’t to sell a product. It’s to identify where a plan is vulnerable and decide, with the full picture in front of you, how much risk you’re comfortable carrying and what you want to protect,” says McMillan.

He adds that seeking help, whether from a medical professional or financial adviser, should be viewed as a responsible step rather than a sign of weakness. Building an emergency fund, managing debt, reviewing insurance cover and planning for dependants can all help strengthen a household's ability to cope with unexpected circumstances. 

“Being a provider isn’t only about what you earn today. It’s about making sure the people who depend on you are looked after, even if your circumstances change,” says McMillan.

This Movember, men are encouraged to pay attention to both their physical health and financial well-being. Protecting the ability to earn an income and ensuring that family finances can withstand unexpected setbacks are important parts of planning for a secure future.

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