A new survey sheds light on what pension fund members want to use the money for when they withdraw some retirement savings under the two-pot system and also shows how much - or little - people know about this big change.
The survey was conducted by JustMoney.co.za, a platform that helps South Africans make good money choices.
A total of 6 252 consumers participated in the survey that measured their awareness, concerns and plans regarding the two-pot retirement system.
Sarah Nicholson, operations manager at JustMoney, said among respondents considering withdrawing funds, 79% said they would pay off debt, while 10% said they would "spoil" themselves or their family, and 8% said they would spend it as they see fit.
Respondents could choose an answer from a list and many of the 15% who chose "other" for what they would spend the money on indicated they would use it to pay for basic needs, such as school fees, school uniforms and school books.
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