South Africans are notorious poor savers

Did you know that the average South African only puts away 15 cents on every R100 earned, when they should ideally be saving between 10 and 20 percent of their income?

Did you know that the average South African only puts away 15 cents on every R100 earned, when they should ideally be saving between 10 and 20 percent of their income?

Melody Redman, general manager of Budget Insurance Brokers, says South Africans, especially middle and upper income earners, are notoriously bad at saving money, choosing to spend first then save whatever they may have left.

"Saving is crucial both on a personal and macro-economic level," says Redman.

"For the individual though, saving is about building wealth, it's about personal empowerment and having the peace of mind that you can deal with expenses without having to incur debt."

Surely, debt can be difficult to avoid, especially when you have to buy a home or a car. - Isaac Moledi

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