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Government needs to show solid support for development of a South African savings culture

[Johannesburg, 7 April 2014] - Scott Field, chief financial officer for FedGroup, South Africa's only independent life insurer, says government can best deliver on its mandate of transforming the country by creating an enabling environment in which the poor can save.

He also believes that saving for retirement needs to be mandatory, even if only in terms of forcing preservation of a portion of a working person's pension contributions.

"South Africa remains a highly polarised society, with the enormous divide between rich and poor continuing to grow. There is no short-term answer to the problem because, by nature, sustainable, broad-based wealth creation is a long-term process. But, if every South African found it easy to put away, say, R50 a month, then, over the medium term, a tangible increase in wealth at grass roots is more than possible. From this kind of platform, we can be confident that each subsequent generation will be better off financially than the one that preceded it."
[Full Story.]
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Government needs to show solid support for development of a South African savings culture

Last updated : 7 April 2014

 
 
 

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