Invest now for your retirement, youth warned

YOUNG people in South Africa are better at saving than previous generations, but they aren’t investing, a study by Old Mutual has revealed.

Young people, or Millennials — those typically aged between the ages 18 and 34 — were failing to invest for the long term, according to research by Old Mutual Unit Trusts.

The study looked at the financial behaviour of employed Millennials and found that, while seven out of 10 Millennials have a savings account, only four in 10 are investing in pension or provident funds. With life expectancy now at 114 years, according to research by Britannica, the failure to invest could potentially be catastrophic for young people in future.

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