Guiding consumers since 2009

Top-up trend boosts savings

By Staff Writer

SOUTH Africans are waking up to the need for greater domestic savings as shown by the continued increase in voluntary top-ups on retirement annuities.

This is the good news from Liberty Group, which administers more than 12 000 retirement schemes, collectively valued at R40-billion.

It comes hardly a month after the government expressed concern that chronically low savings rates will hobble the nation’s growth plans, and make SA ever more reliant on foreign inflows to cover its balance of payments deficit.

Kieran Godden, divisional director of specialised corporate consultancy at Liberty, said: “The top-up trend has been noted at companies of all sizes and among individuals making use of portable pension schemes and new-generation flexible retirement annuities.”

He ascribed these developments to growing uncertainty about the future following a spate of interest rate hikes and the inflation rate surging past the 6% official ceiling. — Liberty Group

Recent Articles

Featured Turn your debt around in 6 months

For many of us, January is the month to set goals, find renewed motivation, and make changes to areas of our lives where we feel that they’re needed. But let’s be honest, as the year and the motivation dwindles, these goals are often forgotten.

Which bank offers the best home loan?

Applying for a home loan can be a stressful experience – from filling out the paperwork to comparing the interest rates and navigating all the potential red tape. But it needn’t be.

6 smart ways to select the best medical scheme

It’s important to belong to a medical scheme that offers great benefits at affordable prices. However, due to insufficient knowledge, many people find themselves paying higher premiums for a medical scheme which does not even meet their needs.

Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide