There is a huge disconnect between how prepared South Africans feel for the end of their working life and their expectations of what that will be like.
One of the major findings from 10X Investments’ “Retirement Reality Report 2022”, published two weeks ago, reveals an almost cognitive dissonance in the concerns South Africans have about how prepared they are for retirement on the one hand and what they think their future life will look like on the other.This is 10X’s fifth annual report and is based on a Brand Atlas survey that tracks the lifestyles of 15.4-million economically active SA adults with a monthly income of more than R6,000.
These perceptions just don’t add up. The fact is, 92% of those respondents who are saving for retirement don’t feel confident that they will have enough money to live on, yet 60% of them believe they will be able to maintain their standard of living in retirement. This illustrates that having a retirement savings plan is not enough.
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