Citizens urged to save during Savings Month
With July being savings month the South African Savings Institute says saving is becoming more challenging for South Africans.
The institute's chief executive Gerald Mwandiambira says increases of the petrol price, VAT and other expenses has meant South Africans are not saving as much as they should, if at all.
"We are aware of things like the high petrol price, increased VAT and the cost of living which is running away from a lot of people's income. So hence the message this around empoyer assisted savings", he said.
He says this year's theme is 'employer assisted saving'. He says this is not about employers paying their staff more.
"We are saying employers must have those mature money conversations. These could be around the 13th cheque to protect employees in December, contributions toward retirement of contributing toward paying for a financial advisor of choice", Mwandiambira said.
"Yes, in reality it is getting harder to save, but if you do not save and you happen to lose your job you will be in a far worse position than you would be had you started saving", he said.