Sanlam Benchmark Report | Most South Africans unable to retire

JOHANNESBURG - Cash strapped South Africans are struggling to save for retirement.

READ: When it's time to retire, will you be ready?

Sanlam's latest Benchmark Report shows a quarter of respondents surveyed weren’t members of an employers’ pension or provident fund.

Sanlam says 46-percent of respondents admitted to struggling to meet basic monthly needs like food and rent.

Furthermore, one in five adults in South Africa did not have any form of medical aid coverage.

The report, which was compiled from interviews with more than 500 full-time employed South Africans, comes at a time when increasing prices are eroding their disposable income.