Liberty Group Urges Young Adults to Invest Early as 50% of Working South Africans Save Nothing
Updated
Updated · Bona Magazine · Jun 19
Liberty Group Urges Young Adults to Invest Early as 50% of Working South Africans Save Nothing
1 articles · Updated · Bona Magazine · Jun 19
Summary
Half of working South Africans are not saving at all for retirement, prompting Liberty Group to press young adults to start investing much earlier.
Time is the main advantage, Liberty said: compound growth lets even small early contributions generate returns on returns and build far more wealth over decades.
Most South Africans only begin thinking about retirement after age 40, investment specialist Nosipho Nhleko said, delaying progress toward a comfortable retirement.
Early investing also helps close a retirement gap as longer life expectancy, healthcare costs and inflation raise the amount needed to maintain living standards later in life.