Johannesburg - Consumers should spend their money wisely
over the festive season, the SA Savings Institute (Sasi) said on Thursday.
"We are asking South Africans to take a sober
assessment of their expenditure during this festive season," Sasi
chairperson Prem Govender said in a statement at the launch of Sasi's festive
season savings campaign.
She said there was increasing concern about consumers'
short-sightedness about saving, which was compromising South Africa's long-term
savings and investment.
"With our country's gross savings rate averaging 15%
over the past decade, it's not surprising that investment as a proportion of
GDP (gross domestic product) stood at 19% in 2010, when at least 25% is
required to achieve and sustain high growth rates," she said.
Consumers' debt servicing, income and savings
vulnerabilities had increased since Sasi's 2010 festive savings campaign.
"Of the 18.8 million (53.3%) credit active consumers,
about 8.8 million (46.7%) have impaired records while more than 278 000 have
applied for debt counselling," she said.
Govender encouraged consumers to budget for the festive
season, to avoid buying on impulse and to resist "sale" signs, and to
budget for next year's school requirements.