South Africans need to change mindset and attitude towards debt and saving

03 August 2013 - Which Way You Pay

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Unsecured loans and debt rapidly increasing among South African youth

South Africans need to urgently reassess their attitude towards debt and their saving habits. Many consumers simply do not know how to save, says the South African Savings Institute (Sasi). The number of unsecured loans and debt is rapidly on the rise.

Young people stuck in a culture of consumerism

SASI CEO Elizabeth Lwanga-Nanziri says the remedy for this is to find a simple realistic goal to save for. “Saving becomes much easier once there is something to save towards, whether it is a long-term or short-term goal” said Lwanga-Nanziri. Particularly worrying is the reality that young people are stuck in a culture of instant gratifications with experts warning debt is increasing rapidly among the youth. “We find young working Africans who spend their whole salary – without saving a cent- because they think that 10 to 15 years is too far off in the future to plan for” said Lwanga-Nanziri. Your debt repayments should never be higher than what you are saving. July Savings Month is SASI’s national savings awareness campaign and the flagship even for the cause.

Rise in number of unsecured loans and household debt

Consumer debt is destroying South Africans’ hopes of building a saving culture as 80% of peoples income is going towards their debt. With the rise in cost of living, a large volume of unsecured loans and household debt, the reality is people just do not have money to save.

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