TAX-FREE SAVINGS

Liberty Group’s Stash app, introduced in March 2020 as an easy way to save in a tax-free investment, through regular small amounts, has grown from 80 000 accounts to over 230 000. Inflows have increased from R3.5 million a month to over R35 million a month. “We came up with Stash to address three key barriers to investment: low levels of financial literacy, a misconception that in order to save you need a lot of money, and the time and effort required to set up an account. Obviously, some people Stash more than others, but the average amount Stashed per month is around R420, or just under R15 per day. Unfortunately, we have seen the pinch starting to hit this year, with higher inflation and higher unemployment,” says Glenn Grimley, head of Stash at Liberty.