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Beneficiary funds: A unique South African phenomenon

[Johannesburg, 12 December 2014] - The South African long-term insurance industry is faced with a unique challenge with regard to beneficiary funds, as prevailing third-world levels of financial literacy are often at odds with the first-world insurance products offered in the marketplace.

A recent study, commissioned by the Financial Services Board (FSB) on financial literacy in South Africa, found 49% of respondents were unable to live within their means, while 30% had encountered financial difficulty. Of those interviewed, 44% had experienced situations where their income didn't cover their living expenses in the past year.

The research also found that people with the least education suffered the greatest financial shortfall. Respondents who couldn't meet their monthly financial obligations said they borrowed money from family and friends.
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Beneficiary funds: A unique South African phenomenon

Last updated : 12 December 2014


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