South Africans missing out on tax-free savings tool - survey

Cape Town – Most South Africans are missing out on a tax-free savings tool that could bring massive rewards in the future.

This is according to a Sanlam survey, which found that many South Africans are uncertain about how tax benefits associated with tax-free savings accounts (TFSAs) actually work.

“They think it might be difficult so they don’t even try to find out,” Karin Muller, head of Sanlam growth market solutions, told Fin24. “The concept is not real and tangible enough to many.”