{"id":3520,"date":"2020-07-06T12:15:20","date_gmt":"2020-07-06T10:15:20","guid":{"rendered":"http:\/\/contattoblogs.timslatter.co.za\/?p=3520"},"modified":"2020-07-09T14:36:46","modified_gmt":"2020-07-09T12:36:46","slug":"are-you-a-savings-statistic","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/are-you-a-savings-statistic\/","title":{"rendered":"Are you a savings statistic?"},"content":{"rendered":"

Most Sub-Saharan African countries are chronic \u2018dis-savers\u2019. But, you don\u2019t have to be. Before we look at the options, let\u2019s take a snapshot of recent events.<\/span><\/p>\n

Last July, the South African Savings Institute gave the country a wakeup call when it said that the average household rate had fallen from 0.5% per month in 2018 to 0.4% in 2019.\u00a0<\/span><\/p>\n

While 2020 figures are not out yet (at the time of this blog) anywhere in the continent, there\u2019s a likelihood of more challenging times – unemployment is rife, little to no growth pervades most asset classes and economies around the world are suffering mightily.<\/span><\/p>\n

Another look at South Africa\u2019s Household Saving Rate shows that it decreased to 0.20% in the fourth quarter of 2019. That means, of every R1000 coming into every household, R2 or less was being saved. (according to Trading Economics)<\/span><\/p>\n

Desperate times<\/b><\/p>\n

In the current economic climate, we are finding that very few people have an umbrella to help them weather the storm.<\/span><\/p>\n

Last year, even before the current lockdown impact, over 80% of people did not have sufficient savings to last just three months if they lost their job.<\/span><\/p>\n

Or, when faced with an unforeseen emergency of around R10 000, many people would have to ask family and friends for help, or take out a loan or cover the emergency costs with credit.<\/span><\/p>\n

Numerous studies, including the well-known<\/span> True South<\/span><\/a> one a few years ago, show that many of us don\u2019t have sufficient income protection cover or any other form of insurance, leaving us completely vulnerable when (not if) disaster strikes.<\/span><\/p>\n

Are you one of the many or one of the few?<\/b><\/p>\n

You are part of the greater statistic, and aren\u2019t financially protected and prepared enough, if one or more of the following is true of you:<\/span><\/p>\n