Durban - At least 41% of South Africans do not have any form of retirement plan while 46% of people have a profound lack of trust in the retirement industry.
This is according to the first 10X Retirement Reality Report (10XRRR) which surveyed more than 11 million South Africans. The report further revealed the extent of South Africa’s private retirement savings crisis and its pending impact on government resources in the coming years, as well as the savings disparity among racial groups and the massive divide between men and women.
The report, commissioned by 10X Investments, reveals a profound lack of understanding of what they have saved and what they need to have saved among existing clients of the retirement industry.
The poll further highlights some worrying trends across within South African demographics.