Faizel Patel, Radio Islam News – 15-07-2019
Do South African save enough?
A new survey by Budget Insurance has revealed that while 52% of South Africans say they are saving for an emergency, only 19% would be able to survive for three months if they were to lose their income.
The survey also found that if an unexpected emergency occurred, which warranted an amount of R10 000, 26% of South Africans would need to borrow more money from friends or family and 11% would take out a loan to cover the remaining balance.
With July being Savings Month in South Africa under the theme “#CrazyWaysToSave”, South Africans have been urged to save more as the country battles with a difficult economic climate.
Speaking to Radio Islam, Milly Viljoen from the Gauteng Office of Consumer Affairs says it’s in the interest of consumers to save.
“Some consumer do save like the stats indicate, but is it enough, do we save enough? Before you start spending money, make sure that at least a certain percentage you have then put away towards a savings plan or investment plan or the emergency fund that we all encourage everybody to have.”
Vijoen says consumers must save at least 5% to 10% of their income until they reach the three to six months of expenses mark.
Listen to the interview with Milly Viljoen
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