July is Savings Month in South Africa, and this year the focus for the South African Savings Institute is firmly on engaging the country’s youth with a theme of “#crazywaystosave.” As part of the campaign, South Africans are asked to Tweet a 30 second video, showing how they save. A daily prize of R1000 is up for grabs.
SASI Chairperson Prem Govender says there is an urgent need to equip young people with the savings know-how that can directly impact their earning power, wealth creation abilities and happiness.
Govender cites low levels of financial literacy as a reason behind South Africa’s low savings rate and growing credit addiction.
“The young tend to save less and spend more. With 20 million people aged between 15 and 34, South Africa has a young population that are increasingly relying on credit. We can blame issues such as black tax, high unemployment, a rising tax burden and inflation – but we also must fundamentally stop living beyond our means and drive a savings culture to break the cycle of inter-generational debt.”
SASI acting CEO Gerald Mwandiambira says saving when you’re already under financial pressure can often seem like an impossible task.
“While you may come up with many crazy ways to save money, from making your own laundry soap to stocking up on condiments at the fastfood store to literally freezing your credit cards – the fundamental truth of compound interest is that money makes money and it’s vital to have a short, medium and long-term plan, to be educated about the tools you can use and to put your savings to work to ensure your financial stability and happiness.”
Win R1, 000 daily for sending in a 30 second video on #crazywaystosave. Today is day 1. Share your crazywaystosave with us @AbsaSouthAfrica @mayaonmoney @WomanAndFinance @ArabileG @ImcocoMash @mrgeezo pic.twitter.com/223ZMQW2D0
— SA Savings Institute (@SASIsavings) July 1, 2019