PRESSURE POINTS: South Africans know they must save, but debt and gambling keep raiding tomorrow’s money (opens original article in a new tab)

South Africans understand the need to save for retirement but face financial pressures that lead to debt, gambling, and early withdrawal from retirement funds, undermining long-term security.

• South Africans believe retirement planning should start at 35 but often begin 3.4 years before retirement.
• Pensioners deplete cash lump sums within 14.6 months on average, with half unable to maintain pre-retirement living standards within 4-5 years.
• 50% of respondents spent on gambling in the last three months, with 66% using salary or wages as funds.