How to be money smart and save

South Africans do not have a great savings reputation, but maybe we can save more if we understand how to go about it and draw up a savings plan.
The latest survey by Debt Rescue reveals that not being able to put money away at the end of each month is the biggest concern weighing on the minds of South Africans, with a massive 67% of people citing this as their biggest challenge when it comes to saving although that is unsurprising due to the escalating cost of living.
The survey was conducted among 2 000 South African consumers aged between 25 to 65. It shows the significant obstacles to saving people currently face, with 46% of respondents citing insufficient income to cover basic necessities as their biggest challenge.
However, it is encouraging that the majority of respondents recognise how vital it is right now to have a nest egg of some kind and are actively looking for ways to improve their savings habits. Although 61% deemed saving extremely important, only 16% can save with every pay check and 50% of the respondents saved less than 5% of their income.
Listen to Gielie de Swardt, head of retail distribution at Sanlam Investments, talk about how to start saving and build a savings plan.
4 Sep 2023 English South Africa Business · Business

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