Building wealth for future generations
The contentious green paper on comprehensive social security and retirement reform that was recently published by the social development department, and was subsequently withdrawn, has undoubtedly left many thinking about how we look after ourselves and our families financially as we age and after we die.
Ours is a country dealing with a past of dispossession and segregation that built a firm foundation for wealth inequality to endure well beyond the end of apartheid. This history has been compounded by years of low economic growth, a global recession and the Covid-19 pandemic, which has driven up the country’s unemployment rate to a staggering 44%. Understandably, this reality makes the aspiration of generational wealth seem like a pipe dream for countless families living in abject poverty.
If anything, the concentration of wealth and significant levels of poverty discussed above show that, for many South Africans, the journey to building generational wealth needs to start with small steps and a basic approach.
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