Sipho 'Hotstix' Mabuse says black people were not taught about money

Sipho 'Hotstix' Mabuse says black people were not taught about money

Legendary musician Sipho 'Hotstix' Mabuse says that black people struggle to make good financial decisions because they were not previously exposed to financial literacy as white people were.

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

Speaking on Radio 702 this week, Sipho said that after getting famous, he used to recklessly spend money without really understanding what he was doing.

PAY ATTENTION: Do you want to know what's trending on Briefly.co.za? Join our WhatsApp group today.

He said that exposure would have helped him make better decisions.

READ ALSO: Beyonce and Jay-Z receive prestigious award for LGBTQ advocacy

The musician believes that he would have made better financial choices if he knew then what he knows now.

Briefly.co.za learnt that most black South Africans do save money, but not for retirement. Instead, often money is put away for unexpected costs like funerals, which can be up to several times an individual's monthly income. A new study has found that two factors are important in increasing people's likelihood of saving for retirement: financial literacy and personal savings.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Related news
K Naomi pays tribute to her mom who passed away 7 years ago

K Naomi reminisces about her mom 7 years after she passed away

K Naomi reminisces about her mom 7 years after she passed away
Briefly.co.za
Mailfire view pixel