Frank Maponya

Frank Maponya

Gill Marcus has called on South Africans to use their money wisely in view of the ever-increasing food and electricity prices.

The professor was speaking during a breakfast meeting to introduce the newly-elected provincial board of the banking institution in Polokwane yesterday.

Marcus, pictured, who is Absa bank's group chairman was an ANC MP prior to being appointed deputy finance minister and later Reserve Bank deputy governor. She said people must spend money wisely to avoid debt.

"We are determined to promote a culture of saving," she said.

"The rising inflation and interest rates are indicative of the challenges consumers face. The increasing food and electricity prices also impact negatively on the upbringing of our children. It is for this reason that we appeal to communities to take stock of every cent they use so that they are not left behind as a result of the high cost of living."

She warned that rising inflation leads to interest rates hikes.

"We pay more for the goods we buy due to rate hikes. We need to have plans in place to be able to deal with these issues in an appropriate way," Marcus said.

She said the bank's officials would visit schools to educate pupils on money-saving methods "as it would help a great deal in assisting pupils to meet the challenges in their lives".