SA’s poor saving record on the spotlight
JOHANNESBURG, (CAJ News) – AHEAD of the Savings Month in July, an expert has encouraged South Africans to embrace a culture of saving.
Ester Ochse, Channel Head at FNB Financial Advisory, said in spite of ongoing efforts, many people still found it hard to adopt the culture.
“Savings Month is an ideal time to start exploring suitable solutions as financial services providers such banks will be showcasing their respective savings or investment vehicles. This will give people plenty of options to select a solution that is ideal for their needs,” said Ochse.
She offered tips, including choosing a goal to save or invest towards, thinking long-term, choosing the ideal savings or investment vehicle and consider speaking to a financial adviser for guidance.
Ochse explained being goal-based will help focus and serve as a source of encouragement.
She said education and retirement were some of the major goals that people often save or invest for.
However, people can also save or invest to instil a certain culture within heir families, especially among children.
“One of the major incentives at the moment is that there are investment or savings vehicles where people pay little or no tax until their investment reaches a certain stage of maturity. It’s important to take advantage of such because SA citizens are among the most taxed in the world.”
– CAJ News
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