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At least once in the last year, 57% of South Africans found that their income did not cover their living expenses. Recently released in the 2016 Old Mutual Savings and Investment Monitor, this statistic highlights that consumers are understandably struggling to stretch their household budgets, and that many South Africans are not being as financially astute with their spending as they could be.
For the first time in more than twenty years South Africa’s household savings as a percentage of disposable income turned negative. In light of this and the upcoming savings month, Alexander Forbes Retail, recommends that you evaluate your insurance policy and make sure that you are only paying for insurance cover that you actually need.
Don’t allow your hard-earned savings to suffer during the downtimes, Michelle Beetar, Managing Director of Experian South Africa offers advice during this National Savings Month.
With food prices continuing to increase, rising fuel prices and high electricity tariffs - South Africans could see the average cost of burying a loved one rising significantly in the short-term.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?