National Savings Month: July 2019

National Savings Month: July 2019

Small changes can help you become a Master of your Moola, like:
the Debit Order Baller, who just arranges his debit orders to save automatically; or 
the Credit Cruncher, who just put a cap on his credit card; and 
the Picky Pricer, who shops around and compares prices.

The Savings Institute of South Africa has designated July as the annual “Savings Month” on the South African calendar. The purpose of this initiative is to challenge consumers, to strive towards living within their means and to reinforce positive financial behavior.

Research has shown that almost 70% of South Africans are not saving, and that many others who do save, are starting too late. Statistics released by the South African Savings Institute (SASI) showed that household savings in South Africa was a mere 1,7% while household debt was a massive 75,4%.

Consumer protection agencies across South Africa have therefore combined their efforts in aiming to instill a culture of saving among our citizens, in order to promote the financial well-being of all South African consumers. This is especially in light of the global financial crisis that is affecting many ordinary consumers throughout the world.

The Office of the Consumer Protector (OCP) within the Western Cape will therefore intensify its focus on Financial Literacy training as well as how the Consumer Protection Act (CPA) assists consumers. Some of the aspects that the campaign will focus on are as follows:

·        How to compile a budget;

·        How to manage your bank accounts;

·        Debt management:

·        How to manage your loan(s);

·        Challenging consumers to set acheivable goals and compile a purpose driven savings plan.

However, the Western Cape will go beyond what is recommended and also focus on the important provisions of the CPA. These provisions predominantly deal with the rights which consumers have in terms of the CPA. The celebration of Savings Month comes at an apt time since the experience of increased pressure on especially the lower income households.  The economic instability that we are currently facing is forcing authorities to intensify their efforts in equipping ordinary citizens with skills to enhance their economic sustainability.

For further information and to request Consumer Awareness and Financial Literacy Workshops, contact:

Mr. Phenias Ncube: 021 483 9282

To lodge a complaint dial the OCP toll-free number: 0800 007 081