WEALTH WATCH
STEPHEN CRANSTON: Globally, providing for retirement is bridge too far, survey indicates
Many people treat Savings Month in July as just another worthy cause such as Youth Month or Women’s Month or perhaps even Shark Week, but it is vital for everyone to take stock. Peter Dempsey, former deputy CEO of the Association for Savings and Investment SA, used to point out that the term "saving" is often misused to include saving for holidays or new cars. This is preferable to going into debt to pay for these consumer items, but true saving means saving for the proverbial rainy day or for retirement. Somewhere in between is building up capital for children’s education, which has more in common with investment than with saving. Schroders, the large London-based asset manager, surveyed 22,000 people across 30 countries, including SA, in April. They are all existing or potential clients as each is planning to invest at least €10,000 over the next 12 months. It has published its results in a global investor study titled Saving for a comfortable retirement.Lesley-Anne Morgan, global...
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