Cape Town – South Africa faces “social disaster” if people allow financial pressure to interfere with their savings goals, an expert said on Tuesday.

Chris Busschau of the Financial Intermediaries Association of SA said research had confirmed that the vast majority of consumers would retire without the capital to sustain even a moderate lifestyle.

“Many will in reality be destitute, without family support,” he said in a media release.

The enormous financial pressure experienced by South Africans over the last few years had resulted in an increasing number of people deviating from their long term savings goals.

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