SA 'world's worst saver'
South Africans have been branded the worst savers in the world. Figures supplied by Statistics SA and Trading Economics show that the household saving rate in SA decreased to -2.30% in the third quarter of last year from -2.20% in the second quarter.By contrast, personal savings increased elsewhere last year. In the Czech Republic they increased to 10.41% (9.27%), in Kenya to 11% (10%) and Portugal to 6.64% (2.2%).The household savings rate refers to the income saved by a household during a set period of time. Personal savings averaged at 5.04% from 1960 to 2015 in SA.The statistics have been highlighted as changes are made to the taxation of retirement funds, which the government says will preserve a larger portion of retirement savings for longer.The changes sparked outrage from union federation Cosatu, which said government had no right to decide for workers how and when they should spend their pensions. ..
There’s never been a more important time to support independent media.
From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you.
For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime.
Already subscribed? Sign in below.
Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.