Monday, 5 March 2018

South Africans are big borrowers and poor savers - expert.

Cape Town - Reducing indebtedness and improving savings in South Africa is a major socio-economic challenge, warned MD of Old Mutual’s Mass and Foundation Cluster Clarence Nethengwe.

The metro working population spends an average of 19% of their salaries on paying back debt, according to the 2017 Old Mutual Savings & Investment Monitor.

The National Credit Monitor found that only 48% of the 24 million credit active consumers in the country were up to date with their credit repayments in the first quarter of 2017.

The statistics, said Nethengwe, show that South Africans continue to be big borrowers and poor savers.

Full story at Fin24.

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