Not even the current financial crisis has changed South Africa's attitude towards saving, a FinScope 2008 survey has found.
The survey released yesterday found that 16percent of people earning between R4000 and R7999 did not put money away because they "did not like" retirement savings.
The main reasons cited for not having a pension or retirement plan were: not having a job (48percent), not having money to invest (32percent), or never having thought about it (9percent).
Although more South Africans seemed to be worried about providing for their old age than before, there was no marked increase in their provisions towards saving for retirement.
In both 2007 and 2008, only 13percent of people had some sort of retirement plan.
About one in 10 people earning R8000 said retirement benefits were not attractive enough.
While less people save for retirement, more are borrowing.
The survey found that 28percent claim to be currently borrowing, as opposed to 13percent in 2007 and 12percent in 2006.
According to the National Credit Regulator, 60percent of consumers are in good credit standing.