It’s never too late to create a culture of saving

July is Savings Month and Standard Bank wants to remind you of the importance of saving.

The importance of saving and investing cannot be emphasized enough. This July – Savings Month – consumers are being encouraged to look beyond the effects of Covid-19 and the current economic environment, to equip themselves with the right tools to start and maintain a long-term savings strategy.

Standard Bank’s Head of Main Market, Motlatsi Mkalala joined 702’s John Perlman to discuss the importance of South Africa adopting a savings culture.

Currently, only about 6% of South African employed residents are saving and are saving towards a comfortable retirement.

This is the reason why we are campaigning so hard; to make sure that those who are not saving can start now and not tomorrow.

Motlatsi Mkalala, Head of Main Market – Standard Bank

One of the biggest challenges South Africa faces is the large number of people who depend on the social system, particularly on the old age grant.

If people could save and look at the future, we’ll probably have fewer people dependent on the government.

Motlatsi Mkalala, Head of Main Market – Standard Bank

Mkalala also adds that saving allows consumers to be more prepared for life’s unforeseen circumstances. Knowing they have a reserve of money means they don’t necessarily need to turn to credit to cover unexpected expenses.

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