Savings are not only useful in building long-term wealth, but are crucial in an emergency situation.
Amidst high interest rates, several savings accounts are offering strong returns, well above the inflation rate of 5.1% for June.
Standard Bank said that 52% of entry-level banking clients have less than one month of their salary saved in immediately accessible cash savings, which can be used in the event of retrenchment or urgent medical procedures. It’s not much better in the higher income bracket, as over a third of individuals earnings between R700,000 and R1 million having no emergency savings at all.
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