It’s Stokvel time

2018-12-05 06:02
PHOTO: Da brian photographyLindokuhle Mathebula from Irene’s models shops for her family.

PHOTO: Da brian photographyLindokuhle Mathebula from Irene’s models shops for her family.

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The 2017 Old Mutual Savings & Investment Monitor found that more than a quarter of black metropolitan working households prefer to save using a stokvel or savings club.

There’s also been an 11% increase in stokvel membership among high-income earners (those earning R40 000 or more), from 46% in 2009 to 57% in 2017.

The stokvel – named after local stock fairs in the Eastern Cape in which five to 50 members consisting of colleagues, family and friends pooled resources to trade livestock with English setterls – is one of the most popular saving mechanisms in South Africa.

The 2017 Old Mutual Savings & Investment Monitor found that more than a quarter of black metropolitan working households prefer to save using a stokvel or savings club.

There’s also been an 11% increase in stokvel membership among high-income earners (those earning R40 000 or more), from 46% in 2009 to 57% in 2017.

Stokvel members need to get more out of their investments, otherwise they may as well be saving their money under a mattress with no opportunity for growth.

- Information from Fin 24

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