Quick SA Retirement facts

  • South Africans spend 75% of their take-home paying off debt.
  • Almost 90% of South Africans spend more money than they earn.
  • 58% expect to continue to work for pay after formal retirement and for the majority, this will be due to financial necessity rather than choice.
  • 62% of South Africans say they are not coping in the current economic climate.
  • 4.7 million South African adults gamble at a casino, at least occasionally.
  • The average South African smoker spends R4 562 per year on cigarettes.
  • Only 54% of South African who are currently 10 years or less away from retirement age are saving for retirement.
  • 19,9% of South Africans’ total household consumption is spent on transport.
  • 62% of South African adults with an income of less than R5 per day personally own, rent or have use of a cell phone.
  • Pension fund members look to their pension to provide 64% of their income, indicating a heavier reliance on formal retirement