Following the implementation of the two-pot retirement system on September 1, 2024, different entities have revealed the various amounts of money that people are withdrawing from their savings pots, but what are they spending the money on?
The South African Revenue Service (Sars) said that the gross amount for savings withdrawals applications received totalled R4.1 billion.
According to Sanlam Corporate, the average amount that people were claiming from their savings component is R20,000 and they received over 20,000 savings component claims on their portal and app for the first two working days of September.
Considering the large amounts of money that South Africans are withdrawing from the savings pot of the two-pot retirement system, it would be interesting to know what they are using the money for.
IOL posed the following question on Facebook to find out how they will be spending the money they are withdrawing:
What will you be using the cash on?
Here are the responses.
Albert Cerwale said: “We will use it to pay abo mashonise since we will be waiting for 60 days to get it so that we can fix our current emergency problem.”
Sandiso Clement Nhlapo said that he will be using all of the cash that he receives to buy Spur ribs and wings, Nando's, KFC and Roman's Pizza. He plans to use it all for the next two months.
Tiego A Mmakau said: “I'm going to be spoiling myself with a dishwasher, new stove, a short trip, variety of alcohol, new wardrobe, make up and other yummy goodies.”
Lizo Dikana said that he has no interest at the moment but he would not blame anyone for withdrawing money because times are hard.
Brigitte Philogene said that she will not be accessing the money. She will be leaving it for retirement.
Noge Lesego said: “Buy myself Christmas clothes, new TV and laptop.”
Nthebe Mozhina said that he will not be touching the money.
Yolandy Gibson said: “No, still contemplating.”
IOL Business