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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

Poor savings behaviour in South Africa

A common challenge for financial intermediaries is that the average client does not save enough. This is never quite as evident as when such a client reaches retirement and expects their retirement savings to provide the same level of income as they were earning before retirement.

So why does this occur? The Sanlam Benchmark Survey highlights the following differences between ideal savings behaviour, and the reality:

  • People start saving too late (28 years of age vs suggested 23).

  • People save too little. (The average savings rate is 7% vs the suggest...

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