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For years, a familiar narrative has shaped how we understand South African consumers: they are over-indebted, under-saving, and prone to conspicuous consumption.
Alexforbes has processed and paid more than one million savings pot withdrawal claims since the introduction of South Africa’s two pot retirement system on 1 September 2024.
South Africa’s retirement challenge is often described as a savings gap, but the 2026 National Budget Speech, delivered late in February, highlighted a more precise issue – the country isn’t only struggling to get people to save; we’re failing to keep those savings invested.
The National Treasury has shared its plans to open discussions later this year on possibly allowing access to the retirement pot under the two-pot system in cases of dire financial distress.
How confident are you that your FSP’s DOFA records are accurate and up to date?