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SA households turn to banks to save at expense of investment industry

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 More households and investors are saving their money with banks at the expense of the investment industry.
More households and investors are saving their money with banks at the expense of the investment industry.
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Banks are winning a greater share of South Africa's limited savings pool as many investors have turned to cash and money market funds as a place of refuge in a volatile market.

According to Ninety One deputy MD, Sangeeth Sewnath, who spoke at this year's PSG Conference in Sun City, banks grew their household deposits at the expense of unit trust companies in the past year. The trend might continue in 2023 as the rising interest rates help bank deposits generate better returns.

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