STEPHEN CRANSTON: Strong cultural pull of stokvels remains, savings monitor shows
Incidence of working metropolitan dwellers who are taking out personal loans has decreased
It is always interesting when businesses talk to their book. Sometimes they aren’t even aware of it. Unilever employees would talk up the virtues of fat in the diet, much of which was conveniently provided by their margarines, such as Stork and Rama. And this was many years before fat fought back under Tim Noakes’s teachings. Old Mutual is a bit more subtle with its Savings & Investment Monitor. Although there is an underlying focus on using Old Mutual products such as retirement annuities, funeral policies and tax-free savings accounts to save, chief researcher Lynette Nicholson has uncovered many trends about the country’s savings habits that don’t all follow Old Mutual’s playbook. There is increased demand for funeral policies, in which Old Mutual is the dominant player. About three-quarters of the sample use the product. But an almost equal number still opt for informal savings, and they have been reluctant to bring these savings into the formal sector. Formal institutions have ...
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