The inaugural Retirement Reality Report in 2018 made it clear South Africa was sitting on a ticking time bomb. This year's research reveals the situation is actually much worse, with even fewer people properly preparing for retirement than previously thought, and those who say they do have some sort of a plan know dangerously little about it.
A key issue that crops up often in retirement research is mounting financial pressure, which is preventing people from saving enough or at all for their golden years. Findings aligned very closely with a widely quoted National Treasury statement that only 6% of the country's population was on track to retire comfortably.
According to information released by StatsSA in April 2019, 49.2% of South Africa's total adult population of 35.1-million live below the upper-bound poverty line.
"Without action to tackle the retirement savings crisis in South Africa this will be pushed significantly higher as more and more of the retiring population slip into poverty," is a message loud and clear in the latest annual Brand Atlas survey, which is compiled on behest of 10X Investments.
The report also shows that too many South Africans think of saving as a low priority expense, a...