Sanlam survey reveals devastating toll of Covid-19 on savings

Sanlam’s 40th Benchmark Survey, a yearly analysis of the local retirement fund industry, showed that retirement fund members suspended their contributions across all fund types for an average of four-and-a-half months in 2020 due to the effect of the Covid-19 pandemic.

The 2021 Sanlam Benchmark Survey released on Tuesday also showed that 27% of standalone retirement funds and 41% of participating employers in umbrella funds suspended contributions to their retirement funds as the pandemic and consequent lockdowns resulted in mass retrenchments and severely constrained consumer finances.

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