The 2025 Debt Rescue Consumer Savings Survey found that only 18% of South Africans save more than 10% of their monthly income, while 27% do not save at all. According to National Treasury estimates, only around 6% of South Africans retire with sufficient income to maintain their standard of living.
FOR many South Africans, every rand saved represents careful budgeting, sacrifice and long-term planning. Building savings takes time and discipline, but losing it can happen in minutes if fraudsters gain access to your personal information or persuade you to invest in a scam.
The 2025 Debt Rescue Consumer Savings Survey found that only 18% of South Africans save more than 10% of their monthly income, while 27% do not save at all. According to National Treasury estimates, only around 6% of South Africans retire with sufficient income to maintain their standard of living.
This highlights the importance of not only building savings but also protecting them. A single fraud incident can potentially wipe out years of hard work, careful money management and financial progress.
“As consumers increasingly embrace digital banking, online investing and mobile payments, criminals are finding ever more sophisticated ways to target the savings consumers have worked so hard to build,” says Shaun Pillay, Head: Fraud Risk Management, Insurance and Asset Management, Standard Bank Group. “In many cases, years of careful financial planning can be undone in a matter of minutes by a convincing phone call, text message or fake investment opportunity. The good news is that many scams can be prevented if consumers know what warning signs to look for and take a few simple precautions."
