Nearly 75% of South African households are classified as “financially distressed.” This comes as no surprise. Collectively, we’re R1.6 Trillion in debt. Out of over 20 million credit users, more than half lack the means to pay off what they owe.
95% of soon-to-be retirees will be dependent on the state or their loved ones when they leave their jobs.
Nigel Willmott suggests that it’s time for employers to play an active role in cultivating a dearly needed “savings culture” among the South African workforce. Financial well-being programmes, such as financial counselling and financial education, are just two of the tools he hopes will turn the tide against negative spending behaviours occurring nationwide.
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