The recently released data on the two-pot savings is very interesting. Many people perceive the retirement claims as an indicator of tough times in the economy, but few admit to the elephant in the room, that only the middle class is affected by the issue. The vast majority of South Africans do not have retirement funds to begin with and cannot even imagine what they will live off once they retire.
In fact, most don’t even plan to retire. Many lower-income workers are at peace with either working to their grave or receiving the government’s older person’s grant. This entire ordeal is actually a microcosm of what is happening in SA.
We have South Africans who are redeeming millions of rand to pay off their luxury SUVs and lifestyle estate bonds, while other South Africans gamble with their SRD grants just to afford taxi fare to get to their minimum-wage jobs. As much as the economic pressures weigh heavily on affluent individuals, the focus should remain on lower-income earners who do not have even one “pot of savings”. – Tisetso Tsukudu
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