Consumers dive into retirement savings for essentials, report finds
South Africans withdrew more than R35bn in 2024, most of it for essential needs rather than long-term investments
10 April 2025 - 17:43
Millions of South Africans are drawing on their retirement savings just to get through the month even as inflation slows and despite the recent cut in interest rates, according to a recent report.
The SpendTrend25 report, compiled by Discovery Bank and Visa, found more than 1.9-million consumers withdrew a combined total of more than R35bn from their retirement savings in late 2024, most of it for essential financial needs rather than long-term investments...
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