A recent survey hosted in partnership with Sanlam found that only 36% of respondents have a retirement fund, while only 7% of retirees feel well prepared for it.
The survey, conducted by one of the country’s largest financial service providers, was hosted on News24 and surveyed more than 5 205 participants across a range of demographics. Now in two parts, we break down some of the findings.28% of South Africans say failing to make ends meet is their biggest financial concern
Of those who indicated that they are retired, only 7.2% said they felt"well prepared" financially for retirement. A further 14.7% felt"somewhat prepared".That number decreases as well in the final two age groups: Only 47.9% of respondents from 60-64, and 47.6% over 65, said they have a retirement plan or pension fund.
These statistics indicate a difference in how people view their finances when at different stages of their lives. The decisions we make when we are younger, for instance, can have a bearing on our ability to feel well-prepared for retirement.
sanlam An ailing economy is placing the individuals retirement planning on the back burner. Huge risk for the nation as a whole.