Black tax, debt and inadequate pensions – South Africans have little to nothing left to save
How do you tell a person avoiding debt collectors and cutting down food spend that they need to save more for retirement? This was one of the burning questions at Allan Gray’s first retirement benefits conference last week.
Confronted with “black tax”, rising food costs, exorbitant electricity prices and a debt-to-disposable-income ratio of 75.3% in the last quarter of 2020, saving for retirement is the last thing in the minds of many South Africans.
According to the Mercer CFA Institute Global Pension Index, presented by Dr David Knox at Allan Gray’s first retirement benefits conference, South Africa’s pension system leaves a lot to be desired.
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