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Poor spending habits hamper consumers’ savings

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Cape Town - At least once in the past year, 57% of South Africans found that their income did not cover their living expenses.

This statistic, recently released in the 2016 Old Mutual Savings and Investment Monitor (SIM), highlights that consumers are understandably struggling to stretch their household budgets, and that many South Africans are not being as financially astute with their spending as they could be.

This is according to Derick Ferreira, head of product management at Old Mutual Personal Finance, who says that the SIM recorded an increase in the proportion of household income used to service debt, from 12% in 2015 to 16% in 2016.

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