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Business Report writes that pension funds in SA declined by more than R400-billion in the first three months of this year, resulting in a negative chain reaction on households’ net wealth.
A study by Momentum/Unisa research released on Monday showed that households’ real net wealth decreased substantially in the three months to March on jittery markets and the coronavirus pandemic. The study showed that households’ real net wealth fell by about R828.2bn from the fourth quarter of 2019. The bulk of the decline stemmed from a sharp decrease in the real value of financial assets, which were R788bn lower and R40.6bn less than non-financial assets. Momentum researcher Johann van Tonder indicated: “The recent plummet in household real net wealth - from an estimated R7043.6bn in the fourth quarter of 2019 to R6215.4bn in the first quarter of 2020 - can be largely attributed to a sharp decline in the real value of households’ pension funds and other investments such as unit trusts. The real value of
- Read the full original of the report in the above regard by Siphelele Dludla at Business Report
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