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The month of July is recognised in South Africa as National Savings Month.

This year the Western Cape Government Office of the Consumer Protector together with the South African Savings Institute (SASI) and the Consumer Protection Forum will embark on a province wide campaign to educate consumers about the importance of saving.

The Office of the Consumer Protector will host a number of initiatives aimed at educating Western Cape consumers about the importance of saving. These include education sessions at shopping malls, radio adverts and workshops on various topics such as the following how to save, how to draft a personal budget and how to manage your money effectively.

Veronica Keyise, Consumer Educator at the Office of the Consumer Protector said: “Saving is not only about putting aside hard cash. Apart from the conventional way of saving with a registered financial institution and buying investment policies and bonds, consumers can also invest in stokvels and grocery clubs.”

Alan Winde, Western Cape MEC for Finance said: “It is importance to save for a rainy day. Start early and save smartly. I would advise that from the day you get your first pay cheque you set aside at least 15 per cent of your income every month in a safe investment. Small things like switching off lights in empty rooms, and switching off the geyser during the day, reduce utility bills and frees up money that can be saved.”

MEC Winde added: “It is concerning that the level of savings amongst South Africans is so low. The Gross savings rate of South Africa is the lowest when compared to other emerging economies such as China and India. South African savings tallied in 15.3 per cent of the gross domestic product (GDP) in 2009 in comparison to China’s 52 per cent and India’s 37 per cent respectively. In order for this to improve, consumers need to change their perception towards savings. Everyone, young and old must save.”

For more information on the Western Cape Government Office of the Consumer Protector contact the office of the consumer protector on:

Toll Free number: 0800 007 081
Fax: 021 483 9474
E-mail: consumer@pgwc.gov.za
Post/Walk in: Ground Floor, Waldorf Building, 80 St Georges Mall, Cape Town.