Start saving early and stick to it - you'll be grateful later on
Urban, working South Africans mostly have short-term savings goals and pay too little attention to savings products that could grow their wealth over the long term, survey finds
Urban, working South Africans mostly have short-term savings goals and pay too little attention to savings products that could grow their wealth over the long term, the latest Old Mutual Savings & Investment Monitor shows. The survey shows that 40% of respondents have no retirement savings and 56% are not saving for their children's education. More than 70% of employed city dwellers save their money in informal schemes such as stokvels, grocery schemes and burial societies, or keep their savings at home or with friends, the survey shows. Policies that don't grow wealth The most widely held policies by working city dwellers are funeral policies - more than 70% of South Africans own these policies that offer protection against a future expense but do not grow your personal wealth. When it comes to using products offered by financial institutions, the survey shows that South Africans tend to favour their bank accounts rather than retirement funds, unit trusts or investments on the stoc...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.