The MEC of the Department of Finance, Economic Development and Tourism, Pat Ngomane has called on the citizens of the country to save up.
“July is Savings Awareness Month in our country; this is the month we are reminded to save for rainy days,” said Ngomane, while tabling the department’s R1 260 938-budget speech yesterday.
He added that South Africans are not saving enough for their retirement.
Read:https://www.citizen.co.za/mpumalanga-news/314749/savings-month-top-five-savings-tips/
According to 2018 figures only 14,7 per cent of personal income landed up as savings. Reports indicate that household savings in the country increased by a mere 0,1 per cent in the first quarter of 2019.
“This is surely not adequate. We need to inculcate the culture of saving starting from our households, by encouraging our children to do so. It is even stressed in Proverbs 22:6: ‘Train up a child in the way he should go and when he is old he will not depart from it’,” said Ngomane.
