By Zoliswa Mdawini
Managing finances is challenging for many, especially artists whose incomes depend on unpredictable, project-based work. In response, the Department of Sport, Recreation, Arts, and Culture (DSRAC) hosted a financial literacy workshop during the Eastern Cape Literature Festival to empower artists with practical knowledge to manage their money wisely.
This initiative comes after growing concern from the department about the number of artists who face financial hardship after retirement. “Artists often work without a stable monthly income,” said Nomatolo Nokukhanya Manjezi, Market Activation Specialist at Metropolitan. “That’s why they must learn to stretch their earnings, whether investing, saving, or simply budgeting better.”
Metropolitan Life facilitated the workshop, focusing on long-term financial planning, budgeting strategies, and the importance of investments tailored to the artistic lifestyle. Thobile Vuso, branch manager at Metropolitan, reminded artists that financial freedom does not begin with how much you earn but with what you do with what is left. “You need to save from what is left because you need to make sure that when you retire, you retire comfortably.”
Beyond budgeting, the workshop touched on sustainable income strategies for writers. Anele Moko, Deputy Director for Library and Information Services in the Eastern Cape, spoke about the opportunity for writers to independently sell their books. “Books, colleges – this is your source of income if you rely solely on writing,” he said. “Writers can open campaigns to sell directly to the department. We advertise in Sunday Times, City Press, and Daily Dispatch, but people don’t respond.”
Moko also touched on the support available for writers through the National Library of South Africa’s community grant, especially those writing in isiXhosa and Sesotho.
The session was more than just educational for attendees like Dr Godide Sompisi, founder of Ingqayi KaNtu Entertainment. It was a transformative workshop. “Today’s session was insightful and empowering. It sparked important conversations that are often overlooked in the creative industry,” he said. “Financial literacy is a crucial skill for artists. I hope this marks the beginning of an ongoing dialogue between artists and financial institutions.”
