Consumers encouraged to take steps to save up
JOBURG - WITH South Africa's ever-changing economic landscape, consumers are urged to take steps towards ensuring they save as much as possible.
This advice comes from Nolene Parboo, senior manager: deposits and retail banking at Standard Bank who said many consumers face the struggle of trying to save every month.
“The reality is that households in general in the country are struggling to put even a small percent of their income into savings, with household savings to disposable income continuing to remain in [a] negative territory.”
Parboo added that some constraints to saving also lay in issues such as the increase in personal income taxes, higher living costs associated with the rise in fuel levies and electricity tariff hikes.
She continued that, while many consumers would argue it is far easier to save when the economic wheels are well greased, the current climate should, however, not be a reason to not save.
“In fact, there are signs of significant green shoots… with BankServ Africa saying that there has been growth in take-home incomes going through the payment system. Overall, the growth in take-home salaries allows customers to have excess funds to put away,” she said.
When suggesting techniques that consumers could use to save money, Parboo said, “To save any extra cash, budget, cut back on debt and save more when debt-servicing costs reduce. Sometimes the savings journey starts with a few simple steps like these, but the benefits down the line will be enormous for the country and its citizens alike.”
Share your saving tips on our Facebook page
You may also be interested in:
Trade finance to rescue the South African economy
