South Africans should be encouraged from a young age to learn about the benefits of saving.
A survey revealed that 44% of South Africans do not save and a third do not have a retirement plan. Picture: iStock
René Basson, head of brand at Satrix, says it is important to encourage South Africans to make smarter financial decisions by saving for the future. However, not enough people in the country hold the necessary tools in financial literacy. She makes mention of two studies by the South African Reserve Bank and Deloitte’s South African Investment Management Outlook that supports the belief that people really do not save. The studies are based on the years 2022 and 2023.
Basson believes the education system in the country must look at expanding financial education at school level. The approach would help children understand concepts such as compound interest, debt management and investment diversification.
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