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There is certainly no debate that ‘saving for a rainy day’ is the right thing to do. It would be near impossible to find a sensible argument not to save (or invest).
• During National Savings Month, Old Mutual previews some of the significant findings of the 2015 Old Mutual Savings & Investment Monitor, which will be released in full on 30 July.
July has been designated ‘Savings Month’ by the Savings Institute of South Africa. It is a good time to reflect on the choice we make between saving and spending; a choice that pits our future needs against what we need and want now. Many of us struggle with this trade-off because it’s difficult to have a tangible concept of the future and to understand how little time we actually have to save money over a lifetime. Despite procrastinating we think we will have enough time to save the money we need for retirement.
The South African Savings Institute has designated July as ‘Savings Month’, with this year’s theme, ‘Promoting a savings culture’. It is certainly right that South Africans begin to develop a culture of savings.
The strongest deterrent against FSP compliance missteps is or should be: