South Africa has very low levels of savings.
The South African Savings Insitute has identified low levels of financial literacy as a reason behind South Africa’s low savings rate and growing credit addiction. 20 million people aged between 15 and 34, are said to be increasingly relying on credit. The Insitute blames issues such as black tax, high unemployment, a rising tax burden, and inflation. July is Savings Month in South Africa.
For more news, visit: sabcnews.com