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Single moms not saving for retirement - Survey
An Old Mutual survey has revealed that single mothers are not saving for their retirement.
CAPE TOWN - More than half of South Africa’s single mothers are not saving for their retirement.
The new Old Mutual savings investment monitor showed 55 percent of single mothers were putting money aside for their children's education instead.
Only 28 percent indicated that they were saving for their old age.
Old Mutual's Jaco Gouws said: “About half of them are not receiving any financial support from their children’s fathers. Even though they are trying their best to make ends meet, when they are saving, they are actually saving for their children and not for themselves.”
Gouws said mothers saved for their children's education in the hope that their kids look after them when they're older.
“Though a very selfless act, they are putting themselves at risk for the own financial future. They’re also depending very heavily on their children.”
More than a 1000 households participated in the survey.
(Edited by Tamsin Wort)