The report, commissioned by 10X Investments, also found a lack of understanding among clients of the retirement-savings industry on what they have actually saved and what they will need to have saved to preserve their lifestyle in retirement.
In the poll, 72 percent of those with a retirement plan are concerned that they will not have saved enough money to live on after they retire, while 77 percent of those who do have some sort of a plan accept that they will need to continue earning an income after they retire.
The report says 72 percent of women across all demographics either have no retirement-savings plan at all or have only a vague plan.
“South Africa’s retirement time bomb is ticking ever louder,” 10X Investments founder and chief executive Steven Nathan says. “We all need to urgently confront this reality, to prevent an even greater proportion of South Africans slipping into poverty at retirement.”