SAVING FOR RETIREMENT: The rise of the “new poor”
The retirement benefits authority says there’s only about 10% out of the 2.45 million savers in the formal sector with significant savings likely to take them through retirement concentrated in sectors such as in the financial sector, communication and manufacturing while the majority in the informal sector face an uncertain retirement. The regulator also cautions of an emerging class of “The New Poor” holding a very small percentage of less liquid investments, advising them instead to invest in assets classes such as government securities.
