Old Mu­tual Sav­ings & In­vest­ment Mon­i­tor

Weekend Argus (Saturday Edition) - - GOODPOSTER -

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.

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