Miemie Struwig, Storm Watson, Philton Abrahams
Abstract
This study systematically reviews variables influencing the saving behaviour of South Africans. South Africans do not have a saving culture and are known to be poor savers. However, to ensure a secure financial future, people need to start saving as soon as possible. Although much research has been conducted on the determinants of saving behaviour, there is no agreement on the variables that influence the saving behaviour of people, especially in the South African context. As a result, the study developed a theoretical framework of variables influencing the saving behaviour of people. A systematic review was conducted using 30 research articles, which were selected based on strict inclusion criteria. The study found five main variables influencing the saving behaviour of South Africans, namely, demographics, level of income, financial literacy, parental influence and life cycle. Various sub-variables were also identified. The focus group interviews confirmed the main variables, but additional sub-variables were proposed such as culture, ease of debt access, saving incentives and peer influence. These variables and sub-variables should be considered by organisations, policymakers and educators to steer initiatives that encourage better-saving behaviour by South Africans.