SOUTH Africans save very little and this is cause for concern, Minister of Finance Pravin Gordhan said yesterday
"We have to attract foreign investment because savings in South Africa are so low," Gordhan said at the release of the Consumer Financial Vulnerability Index in Midrand.
It showed that "we are not making great progress" in saving.
"I am going to do a PR exercise and recommend RSA retail savings bonds. Treasury is even thinking of increasing the level of investment permitted for these bonds. They are our contribution to increasing savings in South Africa."
He described the index as an important tool that served as a reminder of the negative consequences felt by a large number of people who did not have access to financial advisers.
"Not enough has been done in the areas of financial education and economic literacy for South Africans."
Consumer vulnerability is the personal feeling of being in a financially-unstable situation. It is one of the early indicators of financial stress in households. - Sapa