Saving while working for 'right now'

Cape Town - South Africa’s economy continues to be stifled by weak growth with more work to be done to overcome the current economic inequalities and recession challenges.

With SA’s unemployment rate at 27.7% and the workforce growth continuing to stagnate, many individuals are forced to work for "right now", as opposed to planning and saving for the future.

Nosibusiso Ngqondoyi, head of research at Novare Investments, looks at the significance of saving and investing during tough economic times, and whether it is still a viable option.
 
"SA needs to foster the growth of a savings mentality and culture among South Africans - the importance of which is only elevated with SA’s economy being continuously gripped by slow growth, increasing inflation and macroeconomic imbalances," says Ngqondoyi.