JOHANNESBURG, March 7– The Banking Association of South Africa says it is concerned that many South Africans are failing to save enough of their earnings, despite drowning in debt, and are lagging other countries in terms of savings.

The association’s Managing Director, Cas Coovadia, said Thursday that among the BRICS countries – -Brazil, Russia, India, China and South Africa, China had a savings rate of 52 per cent, while in Brazil it stood at 40 per cent. South Africa had the lowest rate of savings, at only 13 per cent.

The banking industry body, which held one of its savings campaigns for two days in Thaba-Ncu in Free State Province on Thursday, says it is concerned that many South Africans are failing to save their earnings, despite drowning in debt.

The Free State Education department says teaching and learning should also focus on money saving for the students.

The head of the department of education, Staney Malope, elaborated: “Indeed what we try to say is we do give lessons in class, however those children do not see the value and the relationship in the real world outside but this how in real terms in the real world this is going translate in itself as you grow up and interact with life itself.”

SOURCE: SABC