Community saving schemes Flashcards
1
Q
What are ‘stokvels?’
A
Informal community-based saving schemes, also known as social, burial and saving clubs.
2
Q
Are stokvels only formed by poorer people?
A
No, they also exist among high income earners who have started investment stokvels, birthday stokvels and even tourism stokvels, where the money goes to pay for holidays locally and oversees.
3
Q
Fill in the blank.
Stokvels can be described as a _____ ____.
A
Savings club
4
Q
Who are stokvels formed by?
A
People who agree to support each other to achieve some sort of goal. Members are often neighbours, or members of the same community or church. They agree to put a set amount of money into the fund every week or month.
