Mudiwa Gavaza is joined by Farzana Botha from Sanlam Savings
In this edition of the Business Day Spotlight, we talk about the potential for financial literacy to increase consumer savings. Over the years, SA has developed a reputation as a country of spenders not savers.
According to the Human Sciences Research Council’s 2017 report, 48% of South Africans don’t manage to save at all, with 42% reporting no long-term savings of any kind.Botha says the spending culture in SA has been driven, in part, by consumers caring more about the instant gratification that comes with buying certain goods and services, especially for status. This is compounded by the high rate of unemployment and a high cost of living for many ordinary people.
Topics of discussion include: how the financial literacy gap among South Africans can be addressed; the data and statistics around consumer savings in SA; ways in which the financial literacy deficit has an impact on people’s mental wellbeing; how people can upskill themselves in financial education; and what SA’s financial industry can do or has been doing to close the knowledge gap.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LIVESTREAM | SA Medical Association virtual conferenceThe South African Medical Association conference on challenges during the COVID-19 pandemic.
Read more »
WATCH | SA Medical Association virtual conferenceThe South African Medical Association conference on challenges during the COVID-19 pandemic.
Read more »
Intense cold front expected to hit the Western and Northern Cape from ThursdayAn intense cold front is expected to make landfall in the south-western parts of the country on Thursday evening, says the South African Weather Service (SAWS). ColdFront weather
Read more »
Questions raised around security clearance of SA secretary of defence | CitypressDefence secretary Sonto Kudjoe denies claims around her security clearance and says certificate is being renewed.
Read more »
South Africans not yet ready for the death of the officePeople want to work close to home but not spend all their time there, property economist says
Read more »
Wrecked! These SA Airbnb hosts got a shock after their properties were damagedMore South African hosts are getting candid about their guests’ disruptive behaviour –and the pictures will shock you. Airbnb airbnbstories
Read more »