Ensuring your child has a good education, which makes them employable, is part of a holistic retirement strategy
According to the Old Mutual Savings and Investment Monitor, 54% of South Africans believe that saving for education is more important than saving for retirement.
That figure jumps to 66% for black respondents.
These figures come as no surprise as education costs have soared, along with youth unemployment.
Currently, 51% of young South Africans are unemployed and, according to the SA Institute of Race Relations (SAIRR), two out of three young African women are unemployed.
Figures from the SAIRR show, however, that a tertiary education substantially increases your chances for employment.
For example, the jobless rate for all South Africans who have not completed high school sits at over 32% compared with the national average of 25%.
Unemployment levels for those with tertiary education fall dramatically to just under 10%.
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