• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Hide the credit card

Nov 11 2011 07:40

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.

saving  |  money  |  consumers


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote