Only 22percent of respondents in 10X Investment’s first annual Retirement Reality Report (RRR), released last month, began planning for retirement at the beginning of their careers. And more than 50percent of respondents said they would do it differently if given the chance to start over.
10X commissioned Brand Atlas to expand its annual survey of the South African population to gather the data to create the report.
Brand Atlas samples the universe of 11.9million economically active South Africans as determined by Statistics SA (namely those with a monthly income in excess of R7600) through online completion surveys involving more than 1million South Africans.
Only 7percent of those surveyed said they had a proper retirement plan and were executing it.