Pension funds in South Africa declined by more than R400billion in the first three months of this year, resulting in a negative chain reaction on households’ net wealth. busrep lockdown
JOHANNESBURG - Pension funds in South Africa declined by more than R400billion in the first three months of this year, resulting in a negative chain reaction on households’ net wealth.
“The recent plummet in household real net wealth - from an estimated R7043.6bn in the fourth quarter of 2019 to R6215.4bn in the first quarter of 2020 - can be largely attributed to a sharp decline in the real value of households’ pension funds and other investments such as unit trusts,” Van Tonder said.
“The decline in the prices of shares and bonds was caused by worldwide fear and panic selling of these financial assets stemming from the spreading of the coronavirus.”
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