Savings culture needed

2010-09-29 00:00

KWAZULU-NATAL MEC for Finance Ina Cronje kicked off a provincial financial literacy campaign by encouraging members of the public to adopt a culture of saving and avoiding taking money from loan sharks.

Cronje was speaking at the campaign launch at Osizweni Community Hall in Newcastle yesterday.

“Saving is one of the most important tools we can use to provide equal opportunities to all our people,” she said. “But it is imperative that all of us save enough, government, business and private households.

“We cannot live as if there is no tomorrow.

“If any one of the parties does not save enough, it has serous consequences, not only for individuals, but for the entire country.”

Cronje said the government must ensure that members of the public spend their money wisely and saving is one of the tools that can be used to ensure that.

“When businesses go bankrupt and close their doors because they cannot pay back the money they have borrowed, it has serious consequences. Not only does it result in job losses, but it also does not pay tax money to the state.

“This in turn impacts negatively on the government … If we save too little as a nation, we cannot invest in growing the economy.

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