Cape Town - Burdened by student debt, the spiraling cost of living and low wages, many recent university graduates and young people consider themselves lucky to be able to afford the new iPhone, let alone saving for retirement or a house.
How can the industry help them to be more savvy? All is in the way the industry supports people with the right planning tools, in the right channel, for now and in the future.
According to the 2015 Old Mutual Savings and Investment Monitor, of the fully-employed surveyed Z-Gen’s, the vast majority are not saving towards their retirement. The monitor reveals that only 34% of them are saving towards their retirement via a pension or provident fund and 21% of them through a retirement annuity.