Prem Govender, chairman of the SA Savings Institute, says too many  South Africans rely  on the state or a neighbour to bail them out of their financial woes.

This is true. There is a culture of dependence, which is encouraged by more than 15 million state grants.

There is also a sense of entitlement, where people believe they are owed favours because of their background.

Only a small percentage of South Africans save enough to be able to afford to retire without being a burden on others.

We should all save more.

There are many reasons for why we don’t. Govender says not enough parents talk to their children about how to manage money.

However, for most of  us saving is difficult because there’s too much month left at the end of our money. 

The high cost of living inhibits saving.

So, too, do real interest rates which erode money in savings accounts. In addition, big-spending politicians set  bad examples.