80% of South Africans plan to work past retirement – survey
One of the country's largest banks has called on the
government to make retirement planning a national priority.
First National Bank has been reacting to the results of its retirement survey, which found that at least eight out of 10 surveyed South Africans plan to continue working past the retirement age.
This is because they have not saved enough for retirement.
The findings also revealed that at least four out of 10 people plan to sell their assets or rely on government social grants.
The bank's Sizwe Nxedlana says 86% used their savings account to plan for retirement.
He says many entry-level, middle-income, and emerging affluent earners will struggle to maintain their current lifestyle during retirement.
"While our country continues to implement structural reforms to improve access to retirement savings and prevent potential abuse of retirement funds, there is an urgent need to provide consumers with accessible solutions and education to help them better plan for retirement.
"We must also start retirement conversations and create a savings culture from the first day we start earning income, within the limitations of volatile economic conditions that continue to affect incomes."
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