By: Natasja Hart, Wealth Manager, GCI Wealth
Too often, saving is seen as something to avoid—no wonder we have such a low savings rate. Actually, we should welcome it because if our saving is on track, we will enjoy our spending so much more.
The latest Old Mutual Savings Monitor confirms that while South Africans seem to be waking up to the fact that debt should be avoided, we still are not saving enough. The majority of people are not saving for their children’s education, and 40% of respondents say they have no form of formal retirement savings at all.