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