Research shows South Africans are saving for food and funerals

JOHANNESBURG - Despite food inflation slowing down, South Africans are still feeling the pinch.

According to research firm Eighty20 consumers are putting money away for rainy days but mainly for food and funerals.

It adds that people will not be able to manage additional financial shocks. 

READ: Cost of living | Consumers buying less and less

"The main thing people are saving for is food which is a pretelling statement about the state of most people's lives when one thing they are saving for is food," he said.

"The next after that, which is quite a long way down is fuel costs, then school and education, and then sort of deposit on a house or improvements of the house so it's only way down the list where you are getting into sort of an investment or the kind of savings that is going to reap a long term benefit other than an immediate benefit," he said.

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