Since the introduction of new legislation allowing early access to savings, South Africans have withdrawn a substantial amount of money from retirement funds.

This movement of funds reflects a change in financial behavior among savers in response to the new regulations. The National Treasury reported that the total amount withdrawn is 49.6 billion rand ($2.8 billion), which is almost double the initial forecasts. This high withdrawal rate is expected to have a positive impact on the nation"s economy, potentially increasing the economic growth rate by up to 0.3 percentage points this year, according to the central bank.

The increased access to savings has led to a significant shift in the financial landscape. Savers are taking advantage of the opportunity to withdraw funds from their retirement accounts, resulting in a substantial amount of money being withdrawn. This influx of funds is expected to stimulate economic growth and contribute to the overall stability of the nation"s economy.