FSCA urges South Africans to save in Savings Month
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The Financial Sector Conduct Authority (FSCA) has urged South Africans to save this savings month.
According to the FSCA, South Africans have one of the lowest Household Savings ratios in the world, at just 0.6%.
It said National Savings Month in July provides an opportunity for South Africans to consider their saving habits and how they can save more.
The FSCA, which is a financial institutions regulator, said it had launched a variety of programmes to provide financial education to consumers.
The programmes include the Financial Literacy Speech Competition, Expanded Public Works Programme, Youth Finance, Entrepreneurship, and Job Opportunity Campaign.
The FSCA said in its latest national financial education initiative launched during Youth Month that the #FSCAMyMoney resource aimed to provide South Africans from all walks of life with free online information that would improve their financial acumen, enabling them to make informed decisions when buying financial products and services.
FSCA head of consumer education Lyndwill Clarke said: "It’s become increasingly important for consumers to be equipped so that they can make sound decisions when it comes to managing their finances. They have had to navigate price increases in fuel, electricity, and food while overcoming the financial effects of the pandemic.
“Consumers also need to keep in mind that as the economy gradually recovers, interest rates may rise over the short to medium term, making paying off debts even more difficult. Keeping to a budget and saving may have become more of a challenge.
“The good news is, however, that #FSCAMyMoney provides an easily accessible and comprehensive guide to better manage your money. More and more consumers are visiting the site to help them budget and save for the important things, like becoming debt free, opening a business, paying for their child’s education, or planning for their retirement,” said Clarke.