Economic hardship fuels repeat withdrawals from two-pot system
So our survey has shown that around 44% of withdrawals go towards paying debt, around 23% to cover everyday living expenses, and 20% towards sort of education.
Financial services group Momentum Corporate says economic pressures are driving some South Africans to repeatedly withdraw from their retirement savings under the two-pot system.
The group’s Nashalin Portrag says 44% of withdrawals are used to pay debt, while 23% cover everyday living expenses and 20% go towards education.
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