Sasi chairperson Prem Govender introduced the month-long initiative as an opportunity to generate awareness about savings issues and contribute to the financial well-being of local consumers.
The latest savings statistics make for grim reading. Sasi noted that the household savings rate had plunged from an already poor 0.4% of gross domestic product last July to negative 0.5% this year, effectively labelling South Africa as a nation of dis-savers.
And while levels of household debt have improved slightly, from 82% of disposable income five years ago to 71.9% today, there are concerns that this improvement is due to a tougher lending environment rather than improved consumer financial behaviour.
This dis-saving trend contrasts starkly with the experience in emerging economies like India and China, which boast household savings rates well into the double digits, despite average incomes being up to three times lower than locally.