CEO Editorial – Quarter 1 2026

Gary Mockler
Group Chief Executive Officer

______________________________________________________________________________________________________________

After 40 years in the industry, the single biggest failing of investors that I have observed – and it hasn’t changed over this time – isn’t about the understanding of savings.  It isn’t about compound returns or market timing (though of course these are also misunderstood).  In my opinion, the consistent single largest failing is that so many investors don’t apply the savings principles which they know will work.

Of course, retirement saving is in good company.  How many guitars hang on walls after three lessons?  How many garages contain dust covered brand new bicycles, and consider all those expensive treadmills which now function as clothes racks?  Surely since the early days of mankind (with the adage ‘The road to hell is paved with good intentions’  being coined by 11th century abbots) we have all been promising ourselves that we will do a specific something – and never do.

Most South Africans already understand the broad principles of sensible money management.  Save consistently.  Avoid unnecessary debt.  Invest for the long term.  Yet despite this obvious awareness, many households continue experiencing growing financial anxiety.

That contradiction sits at the centre of the theme of this quarter’s Trendline.  Financial plans rarely collapse because of one dramatic event.  More often, they drift off course through accumulated behaviour.  Several articles in this edition explore exactly this tension between knowledge and behaviour.  ‘Money isn’t the point.  Behaviour is’ examines how systems, habits, and emotional responses supersede conventional saving principles.

Retirement planning also features strongly throughout this edition, although perhaps not in the traditional sense people expect.  Articles such as ‘Sequence of return risk’ and  ‘The first place to pull money from in retirement’  challenge the idea that retirement is simply about reaching a target number.  Increasingly, successful retirement planning depends on resilience, flexibility, and realistic expectations.  The significant importance of understanding and planning income withdrawal once the savings target (or date) is reached is covered in both these articles.

As for the prevailing investment landscape – the broader investment environment remains constructive, although not without complexity.  Local markets delivered strong returns throughout 2025.  At the same time, many South African households continue facing rising structural costs through education, healthcare and municipal charges (‘the road to hell…’ from a government perspective).

This widening gap between headline economic data and living the financial reality is becoming increasingly important.  Financial wellbeing is no longer simply about achieving investment growth but about building systems robust enough to absorb uncertainty without forcing destructive decisions.

Perhaps that is ultimately the consistent thread running through this edition.  A good financial plan is not one that only works during favourable conditions.  It is one that continues functioning during ordinary life: when markets disappoint, when expenses rise unexpectedly, or when circumstances change.

I encourage you to read through this quarter’s Trendline carefully.  It is particularly relevant to retirees.  And it is particularly relevant to anyone who will one day be a retiree.  Several articles may prompt valuable conversations within your own household around spending, retirement, family support, and long-term priorities.

Enjoy this quarter’s Trendline.