Financial Planning for Parents: A Post-Neurodiversity Workshop Conversation with Old Mutual’s Head of Advice

Following the success of BabyYumYum.com’s first-ever Neurodiversity Parenting Workshop, held on 13 September 2025 at The Forum, The Campus in Bryanston, Johannesburg, one message rang clear: parents need more than emotional support; they need financial empowerment. The event, proudly sponsored by Old Mutual in partnership with The Neuroverse and Nutripaeds, brought together experts, caregivers and industry partners to explore the realities of raising neurodivergent children in South Africa. From navigating education costs to securing long-term financial stability, the workshop sparked vital conversations about planning, protection and possibility.

To deepen the dialogue, BabyYumYum’s founder, Amanda Rogaly, sat down with Lizl Budhram, Head of Advice at Old Mutual Personal Finance. Their conversation, rich with practical insights and emotional resonance, offers a roadmap for parents seeking clarity in a world of financial complexity.

ALSO READ: Inside the Neurodiversity Parenting Workshop: A Day of Learning, Connection and Support

Why Financial Planning Must Start Early, Even When Life Feels Overwhelming

Amanda Rogaly (AR): Why did Old Mutual decide to support our Neurodiversity Parenting Workshop and participate in 2025?

Lizl Budhram (LB): Good question. Thank you, Amanda. I think it was obvious to Old Mutual that it’s a very valuable partnership. As parents (especially parents of younger children), we often focus on the immediate day-to-day care of our children because it’s overwhelming. It’s probably all-consuming. Even your sleep hours are consumed by a young child. And it doesn’t really improve. Parenthood tends to take over your time and your life.

What’s important is to step back out of that busyness and think about the financial plan that’s going to enable your best future and your child’s best future. That means managing your day-to-day expenses and making the right plans, getting the right process and documents in place, like a will, to make sure your future is secure financially. It’s something parents often neglect, to their detriment, if something does happen.

AR: So, summing it up, it really is about allowing parents to be empowered and make informed financial decisions as opposed to going onto Google. It’s always best coming from someone who can give you the correct assistance, which we’ll speak about a little bit later. During our presentation, I remember you getting up on that stage and sharing phenomenal information. We want to delve a little deeper into the things that parents and caregivers of neurodivergent children might not be thinking about. What are the main factors they should be considering?

LB: The one thing that’s fairly top of mind (and it came up often at the event) is budgeting. How do I make ends meet? Medical aids are expensive. Education costs are expensive. Parents find value in speaking to a financial advisor about those concerns. How do I improve my budget? How do I create room for the extra things I want to provide?

Where we find less focus is on longer-term plans, like retirement. People in their 30s today don’t think about retirement the way previous generations did. Many say, “I have my own business, I’m never going to retire.” It feels far off, so they postpone planning. That’s a mistake. Thirty years feels long when you’re 30, but when you’re 49 or 55, there’s not enough time left to make a difference. That’s how we end up with the sandwich generation; children supporting both their parents and their own kids. It puts pressure on the budget.

AR: I love that analogy: the sandwich generation. It’s so true. That’s exactly where many of us find ourselves.

LB: Far too many people. As a financial services industry, we want to make headway in creating better financial independence for people in their later years. That takes planning and starting far earlier than most people do.

Planning for Risk: Disability, Death and Education

AR: Talk to me about disability and the risks around that. Why is disability cover so important?

LB: You get various types of disability. For this conversation, especially where you’re a salaried employee and a breadwinner, there’s disability where you’re no longer able to earn your income. Disability cover can step in, permanently or temporarily, to replace your income. Your ability to generate income is arguably your most valuable asset.

Protecting that asset is crucial. Decades ago, people contracted cancer and survival rates were low. Today, survival rates are much better, but you may not be able to return to work. Disability cover helps you maintain your standard of living. You don’t have to sell your house or move your child to a different school. You can make adjustments to your home or car if needed. You’ve financially prepared for that risk.

There’s also functional disability, losing sight or the use of a limb, for example. The type of disability cover that’s right for you depends on your occupation and personal situation. An experienced financial advisor can help guide you.

AR: One of the other factors is education, especially in the neurodiversity parenting world, where we’re looking for special schools, therapies and support. How important is it to plan for that?

LB: It’s so important. Education costs increase at a rate above normal inflation. Specialised education, gifted programmes, physical therapy and tutoring all come as an additional expense. We all want to give our children the best possible future. That takes saving and planning. Your investments need to outpace inflation.

I want to make a quick link between disability and education savings. Some products allow you to add disability benefits to your education plan. If you become disabled, the cover continues paying into the education plan. It’s a low-cost way to protect your child’s future.

Advice, Budgeting and Mental Health: Financial Planning Is for Everyone

AR: It’s wonderful to have all these options, but let’s talk about current budgeting versus future financial management. People are battling to make ends meet. Now they must think about something 30 years into the future. How does one manage that? Where do you prioritise your monthly income?

LB: That’s the dirty B word: budgeting, which is not a favourite for many. I’m a strong advocate for defining budgeting in a way that works for you. It doesn’t have to be spreadsheets and strict plans. But if you spend all your money every month, you’re not setting aside anything for the future you or your child’s future.

Start by carving out a little bit. It doesn’t have to be big, but it has to be now. That creates a habit. Time is your most important asset. Start early, allow your savings to grow, and cultivate the habit of not spending everything.

AR: That goes back to the point you made earlier about getting advice and speaking to someone who knows. Could you find something for R50? Would that help if you started today?

LB: Absolutely. R50 can go into a separate bank account until you’ve accumulated enough to move it into a more sophisticated vehicle. An advisor can help with that. Budgeting isn’t rocket science. It’s often about accountability, like sticking to an exercise or diet plan. You know what to do, but discipline is hard. A financial advisor can help you stick to it.

AR: It’s not just about accountability; it’s about changing the perception of financial advisors. People think they’re only for the wealthy, but that’s not true. It can start at very low-income stages.

LB: Absolutely. Some think advisors are just salespeople or are only for those with millions. That’s not the case. Many advisors want to partner with people from the start of their financial journey. Find someone you trust, someone who looks after your best interests. That person can help you reach your financial potential.

AR: Speaking of teaching and guiding, how do we teach our kids (especially neurodiverse kids) about financial planning? My kids are 10 and 12. They’ve never had access to real currency. It’s all online. How do we teach financial literacy?

LB: It’s not as easy as it was with savings jars and coins. Coins are almost meaningless now. Kids are growing up in a digital world. They need to learn the value of money, even though it’s not physical. They’re actually quite comfortable with digital money.

What’s important is having conversations. Talk about saving for a holiday or a new bike. Help them understand that money is for spending and saving. Each child has a different perception; some spend immediately, others hoard. Understand their mindset and role model good habits.

AR: From our workshop, we had so many questions. One stood out: “I suffer from manic depression and struggle to get life cover. Each time I try to get a quotation, the system kicks me out. I don’t want to lie about my medical history. Is there something that can be done to assist people living with mental health challenges?”

LB: It’s really good to get a question like that with full disclosure. Many people deal with health histories that pose a problem when applying for risk cover. Full disclosure is crucial. If you don’t disclose, insurers may access hospitalisation records and see the history. That could lead to claims being refused.

Transparency ensures proper underwriting and protects you at the claim stage. Online systems often reject complex cases, but a financial advisor can advocate for you. They understand underwriting and can present mitigating factors. You might pay a higher premium, or you might qualify for standard rates. The key is working with someone who knows how to navigate that process.

A Good Plan Begins With Good Advice

Every parent faces unique circumstances, so getting help from a financial adviser can make all the difference.  

A skilled financial adviser can help you calculate how much you need to save, depending on when you start. They can also help you work out how to free up money in your budget and still manage your current financial obligations. They could assist you in maximising your tax efficiency and adjusting your approach to finances to accommodate life changes, in addition to providing the peace of mind that comes with having a professional guiding you through the complexities of education planning and helping you make informed financial decisions.  

Old Mutual has also created several free tools and calculators to help parents get started at www.oldmutualeducationtools.co.za .

This can sound overwhelming, but it is never too late to take a fresh look at your financial situation and make the necessary changes (even if they seem small), to work towards your future success. Parenting is a journey and while you are doing your best, remember that you’re not alone. We are in it together.