8 out of 10 South Africans to work past retirement due to lack of retirement savings | The Citizen

At least 8 out of 10 South Africans plan to work past retirement age due to lack of retirement savings. Four out of 10 participants without a retirement plan will rely on selling assets or government social grants. The findings of the inaugural FNB Retirement Insights Survey paint this grim picture. It's well known that South Africa lacks a savings culture and the survey unveils some reasons for the disparities in retirement savings beyond apathy or income.

The findings of the inaugural FNB Retirement Insights Survey paint this grim picture. It’s well known that South Africa lacks a savings culture and the survey unveils some reasons for the disparities in retirement savings beyond apathy or income. “We must also start retirement conversations and create a savings culture from the first day we start earning an income, within the limitations of volatile economic conditions that continue to affect incomes. As a financial institution that advocates for advice-led financial services, retirement solutions are among our top priorities for customers, irrespective of how much income they earn.

Nxedlana says only affluent and wealthy respondents are likely to maintain their current lifestyles in retirement. The survey also established that the respondents who are of retirement age only started saving for retirement after the age of 30, which is late by industry benchmarks.Lytania Johnson, CEO of FNB Personal Segment, believes that the challenges highlighted in the survey point to broader challenges with financial wellness beyond retirement.

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