According to Business Tech in May 2023, South Africa saves at a shockingly low level compared to its market peers.
You can determine savings rates by subtracting the consumption costs from your income and then dividing it again by your income. For example, if you make R10,000 a month and spend R9,000 that month, your savings rate is 10%.
Countries like Brazil, South Korea, the United States, the Eurozone and India all have savings rates above 10%. South Africa’s savings rate is 1%.
