Old Mutual Savings & Investment Monitor
While more South Africans are saving to pay off debt, fewer are saving for their children’s education when compared with last year.
These are two of the findings of the Old Mutual Savings & Investment Monitor, a survey of 1 000 metropolitan working households in South Africa.
The survey, released this week, shows a nine-percent increase in the number of respondents who are “saving to pay off debt” compared with last year, and a 10-percent drop in the number of those who are saving for children’s education. Also worrying is the fact that almost 40 percent of respondents are neither members of a pension/ provident fund nor a retirement annuity fund.
About 17 percent of all respondents have personal loans, and many of them use the loans to cover everyday living expenses.
For more on the Old Mutual Savings & Investment Monitor, see page 2.