The price of Success

By Drum Digital
07 August 2015

Financially supporting your parents, siblings and extended family is the cost of being a successful black in South Africa.

It’s a well-documented fact: South Africans are known for their inability to save.

In fact, the FinScope South Africa 2014 survey showed that only 20% of adult South Africans had saving products with formal financial institutions last year.

So what is it that makes saving so difficult for all of us?

Experts cite reasons such as high levels of unemployment, debt and easy access to credit.

However, one significant obstacle to the development of a savings culture is the so-called “black tax”.

Read more in the August 13 issue of DRUM

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