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SA's love affair with stokvels still going strong - survey

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Johannesburg – South Africans prefer informal savings vehicles like stokvels over bank accounts, according to the Old Mutual Saving and Investment Monitor for 2017.

The recently-released survey looks at the saving and investment behaviour and attitudes of working people in metros, and conducted face-to-face interviews with 1 000 South Africans.

The survey revealed that South Africans allocate 15% of their income towards saving. Over 70% of respondents rely on informal savings vehicles, compared to 35% which save using bank accounts.

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