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Johannesburg – The saving rate of South African households has come last in relation to the G20 countries, showing that too many people in the country are in debt or eating in their capital, said Tuesday Treasury . Warren Kopelowitz, managing director of My Treasury, said that effective savings can make a huge difference to individuals, like transferring money from a call account offering a return of 3% to a long term fixed deposit with a 10% interest rate. one hundred percent, for example, would double your wealth over ten years.
"Savings accounts are a great way to encourage smarter badet management, everyone has a bank account and encourages people to see their regular bank accounts. To generate income, we hopefully make South Africans more inclined to save, "said Kopelowitz.
"It does not cost you anything to get higher returns on your money, but you have to know how to compare"
The findings of my department are consistent with the disturbing image of Old Mutual Savings Monitor that among active urban households, 40% of respondents say they have no form of formal retirement savings.
African News Agency (ANA)
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