The majority of South Africans are not saving for their retirement. Official statistics show that less than 5 million individuals are currently contributing towards a retirement fund. The implication is that the majority of the remaining 19 million adults are likely to rely on the government to help fund their retirement years.
Many South Africans adhere to a “spend rather than save” culture. As a result, substantial debt is being incurred to project an image of wealth. This false sense of wealth is one of the main causes of suicide, divorce and family strife. Nevertheless, we get sucked into this vortex of borrowing money to clear outstanding debt.
Reality hits home when we reach retirement age. We have exhausted our options and have no place to hide. We are unable to retire and are too embarrassed to admit it – especially to our spouse.
In order to achieve success with savings, one must change their attitude towards financial planning. That in turn, creates a change in lifestyle.
Don’t be a financial delinquent, take charge of your life and learn to save rather than spend. Live simply, honestly and focus on your family. Children learn from their parents to respect and value money. Are you setting a good example?
Reach retirement with savings and financial independence. Create those memories, and live the rest of your life without financial worries.