The state of private retirement savings in South Africa is worsening, with a report showing that 67 percent of people have no retirement plan at all or only a vague one. The report, commissioned by 10X Investments, also found a lack of understanding among clients of the retirement-savings industry on what they have actually saved and what they will need to have saved to preserve their lifestyle in retirement.
The report says 72 percent of women across all demographics either have no retirement-savings plan at all or have only a vague plan. Households remain under tremendous pressure financially, with a negative impact on retirement-savings behaviour.
Source: News Formal (newsformal.com)
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