The South African Savings Institute (SASI) is an independent non-profit organization dedicated to developing a robust culture of saving in South Africa.
At SASI’s launch in April 2001, then Finance Minister, Trevor Manuel, drew attention to the poor savings rate; disparate living standards; lack of financial literacy and the poor growth of our economy. He noted that these concerns may all be mitigated by an improvement in savings culture by all sectors of the South African population.
Today SASI Celebrates World Savings Day, 31 October 2017.
The World Savings Day was established on October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. The Italian Professor Filippo Ravizza declared this day the “International Saving Day” on the last day of the congress.
World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress.
SASI Chairperson Prem Govender has shared, “Most South Africans are struggling to save not only due to income challenges, but also the lack of willpower and commitment.”
SASI Acting CEO Gerald Mwandiambira says “In order to save, the primary requirement is an income. This year we are encouraging more employer encouragement to the savings process by assisting with automation but also by accepting that financially stable employees make productive employees.”
SASI will be launching the 2017 Festive Season Savings Campaign on November 23.