Jul 03

South Africans turning to bank for guaranteed returns

According to FNB’s inaugural retirement savings survey, 86% of respondents are using banks as part of their retirement savings channels, another indication South Africans are increasingly preferring guaranteed returns in volatile economic conditions. News24 reports that PwC’s major banks’ analysis reports for the past 10 years also paint a clear picture of banks increasingly amassing deposits. The 2013 report shows that the combined deposits of the big four banks – Absa, FirstRand, Nedbank and Standard Bank – sat just under R3 trillion. This doubled to nearly R6 trillion at the end of 2022.