Survey: 40% of South Africans more terrified of retirement than death
A survey by Debt Rescue has revealed that 40% of South Africans are more terrified at the prospect of retirement than they are of death.
The survey included more than 1 900 South Africans aged between 25 and 65 years.
The debt review company said the study paints a picture of apprehension and challenges surrounding retirement.
The difficulty in saving is at least partly due to the high cost of living, unemployment, and personal debt.
Debt Rescue CEO Neil Roets said many South Africans are struggling to meet daily costs, never mind setting aside money for retirement savings.
"The reality is that many South Africans are simply not able to put money away right now because of the relentless cost-of-living increases they have had to absorb over the past few years and are relying on credit just to make it through the month.
"The roadblocks to saving for retirement are led by the high cost of living, followed by unemployment or unstable income and high personal or household debt."
According to the survey, 59% of people polled admitted to being completely unprepared with no savings or plan for retirement, while only 4% felt they were fully geared up for retirement.
This means that over half of South African adults will either need to retire later than planned, not be able to retire at all or will need to rely on their families to support them through their golden years.
Roets said people struggling with retirement should consult a financial adviser.
"A sound financial management plan is another way to gain greater control over your finances, and cultivating a habit of saving for the future, even starting off with just a few rands a month, can set you on the road to a comfortable retirement."
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