Page 29 - Waterfall City Issue 1 2023

SAVING

TOO LITTLE

IS SAVING

YOURSELF

POOR Nirdev Desai, Head of Sales at PSG Wealth

I t is a well-known fact that South and Portugal, which is probably close For example, if you want to retire on

Africans in general have a poor
the average South African salary of
to SA in terms of average income
savings culture. According to
and expenditure, is on 11.3%.
R22 500 per month for the rest of your
Trading Economics, South Africa’s
household savings rate is 0.3% of According to Nirdev Desai, Head of life, you will need to have R7 million in
capital in today’s terms at age 65.
household income. In contrast, the Sales at PSG Wealth, South Africans
pinnacle of consumer spending with reasonable incomes don’t save “Planning is the cornerstone of
culture, the US, is on a household and they underestimate the amount achieving financial freedom and
savings rate of 5.4%, India is on 11.4%, they will need to retire comfortably. one can draw on the analogy of
planning for a long road trip. It
requires you to ensure you have the

Waterfall City Issue 1 2023 27