New data from Standard Bank shows a concerning trend for those who earn over R25,000 per month.
Standard Bank has warned that many South Africans earning over R25,000 struggle to build emergency cash savings.
Without savings, many have had to resort to debt, eroding their ability to build wealth over the long term. In the higher income bracket, individuals earning between R700,000 and R1 million annually, over a third had no emergency savings, with 45% having savings that would last less than a month. It’s important to have emergency savings to avoid taking unnecessary and expensive short-term debt when you have an urgent expense.
“Having three months’ salary saved may sound like a large amount, but it can be built over time. For example, first aim to cover your fixed expenses for one month with your savings. High borrowing costs at a 15-year peak and elevated inflation are also affecting South African consumers.
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