The importance of consumer savings to the SA economy is the focus of this edition of Business Day Spotlight. Host Mudiwa Gavaza is joined by 10X Investments CEO Tobie van Heerden.
10X Investments is an employee benefits company specialising in retirement solutions through low-cost index investing.
Van Heerden highlights some of the progress that has been made in encouraging more people to save and invest their money in SA.
The country is infamous for having a culture of high consumption spending and indebtedness, with many having little to no funds available to save.
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As such, the investment professional is happy about positive steps taken ensure more people have access to facilities.
One of these developments is the recent implementation of the two-pot retirement system.
Van Heerden also touches on the place of informal saving mechanisms, countries that have been able to capture these and lessons for SA.
He says 10x has been good at creating a platform that helps ordinary people to reach their financial goals.
Through the discussion, the investor highlights progress made to ensure more people have access to savings and investment platforms; the role of informal savings pools in the country; and the growth of wealth technology platforms.
Van Heerden also discusses how long-term savings reform and wealthtech innovation must be part of the B20 and G20 agenda, especially in emerging markets where millions remain excluded from formal retirement structures.
• Business Day Spotlight is a MultimediaLIVE Production.
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