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The critical role of emergency savings

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Cape Town - Do you have something set aside for sudden emergencies? Anne Cabot-Alletzhauser, head of the Alexander Forbes Research Institute, points to some sobering facts.

According to Old Mutual data, if suddenly asked to cover a R10 000 financial shock, 57% of employees earning between R6 000 and R13 999 per month would need to borrow the funds. And 30% of the same group would be unable to meet the demand by any means.

Of those employees with salaries between R20 000 and R39 999 per month, 46% would need to borrow the funds and 11% would be unable to meet the demands by any means.

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