Majority of South Africans deep in debt

Sasi says with the tariff increases, many people are not able to save any money each month.

South African money. Picture: Facebook.

CAPE TOWN - The South African Savings Institute said shrinking disposable income is making it increasingly difficult for many people to save money.

July is National Savings Month and the institute is urging the public to try and cut spending where they can.

But given recent increases in electricity tariffs, train fares and fuel prices, the organisation's Gerald Mwandiambira said many people are not able to save enough money each month.

"The main thing that prevents most South Africans from saving is simply lack of disposable income. This is exasperated by the fact that a lot of South Africans are deeply burdened by debt."