A large number of South Africans earning at least R15,000 a month are delaying retirement because they simply can’t afford it, a survey found.
South Africans’ spending habits and aspirations were at odds with reality, a survey by money lender Wonga has shown.
Meanwhile, research also shows that many people are simply too broke to afford retirement.
According to the 2019 Old Mutual Savings and Investment Monitor’s latest findings, a large number of South Africans earning at least R15,000 a month were delaying retirement because they simply could not afford it.
The survey results showed that half of the country’s retirees were working for an employer, 36% had started a business post-retirement, while 13% continued to be self-employed or took up a position as a consultant.
“Including this demographic into our study, reveals the impact that many households suffer because they are financially under-prepared for their
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