We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Most people have most of their savings in a retirement fund, but they can't access those savings even in an emergency. Ideally, you should have your own savings set aside for emergencies - three times your monthly salary, financial advisers recommend - but more than 30% of South Africans don't have any emergency savings, according to the latest Old Mutual Savings Monitor. And as South Africans are underinsured to the tune of trillions of rands and do not have much in the way of accessible savings, many of us are "one unfortunate incident away from poverty", independent actuary Rob Rusconi said at a recent Alexander Forbes presentation to trustees. Even those with good jobs have "enormous potential to fail". For emergency cash, retirement fund members often borrow - incurring costly interest - turn to friends and family or, in dire cases, resign a job to cash in their pension or provident fund savings, according to last year's Sanlam Benchmark Survey of retirement fund members. Now A...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now