Beware of these traps when it comes to savings

Cape Town - South Africans know they need to save, or save more, but despite the best of intentions, a healthy nest egg eludes them, according to Estelle Scholtz-Mare, head of Momentum Retail Financial Planning and Financial Wellness Marketing for Momentum.

South Africans find themselves on the lower rungs of the global savings ladder, saving less than 2% of their incomes. This raises the question of why South Africans do not save or save more. The answers could be found in behavioural economics.
 
The big challenge in human decision-making is our inability to follow through on our intentions, because life gets in the way.

There's often a huge (what experts call) an "action implementation or planning gap”. One plans to do the right thing, but just don't get down to doing it.