While South Africans have faced enormous financial pressures in the last few years, research suggests they still want to save a portion of their earnings for a rainy day.
Nedbank released its Segment Tracker research in July, which highlighted that people have a strong desire to secure their financial futures through savings.
Vanesha Palani, Executive: Financial Management at Nedbank, says while people do value saving, there is not enough being saved for the long-term.
Most of the respondents in the survey said they have a basic savings account, but less than half of the respondents use more structured, long-term savings and investment products.
Palani says it is concerning that many of the respondents do not have a retirement annuity or provident fund. The findings contained in the survey show that there is an understanding among South Africans about the importance of saving, however, there is a difficulty of transitioning from basic savings to long-term financial planning.
