Saving money is deemed important for several reasons, especially for South Africans who are big on spending. According to the Investec GIBS Savings Index, savings have reached the lowest level since 1990 and have declined for eight consecutive years.

For a developing economy like South Africa, saving is very important as it contributes to the growth of the economy, it increases investment and increases incomes, which in turn leads to increased savings. High levels of growth also bring in savings from other countries in the form of foreign investment which contributes to a virtuous cycle of savings and growth.

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