Given the increase in consumer prices and the high incidence of layoffs, trade union Solidarity has urged its members to tighten their belts – not just during National Savings Month – but every month.
Solidarity spokesperson Moira-Marie Kloppers explains that the Solidarity Employee Confidence Index (ECI) for the first quarter of 2015 fell sharply, reaching an all-time low of 30,7 from an upwardly revised figure of 43,5 the prior quarter. “This is largely due to increasing policy uncertainty, combined with load shedding, rising electricity prices and other input costs which have resulted in more retrenchments in several industries,” Kloppers said.
“Uncertain labour conditions should compel workers to save more instead of making more debt. Moreover, employees often experience nasty surprises in their cost of living; this can only be overcome by means of sufficient savings until a sustainable adjustment becomes possible. Consumers are thus left with no choice but to live thriftily. The message therefore remains the same: Save, save, save!”
This month, as part of National Savings Month, Solidarity Financial Services offers several tips on saving. Go to http://bit.ly/1Mrjxjs for this week’s tips.