Expert says even top earners are not saving enough

Standard Bank data reveals that more than a third of private banking clients do not save enough to build a financial safety net, but rather spend their money on takeouts.

- By Boitumelo Kgobotlo

These clients typically earn more than R58000 a month.

Doret Jooste, head of money management and advisory, said more than 45% of the bank's customers do not have emergency savings, even those with stable income, and this has coincided with a growing number of South Africans picking up a habit that could be holding them back - fast food takeouts.

She said takeouts have become a regular part of life for many working households as they navigate a busy lifestyle.

Jooste said Standard Bank’s latest analysis, based on transactions at 14 popular fast food franchises, shows that customers spend on average R775 a month on takeaways, and this figure excludes groceries or supermarket meals.

Since most people use more than one bank, she said, actual spending may be even higher.