This study investigates Life Cycle Hypothesis savings behaviour among South African households. The mobility matrix methodology as well as a multivariate regression analysis was employed to assess the implications of a permanent increase and a temporary decrease in household incomes based on the impacts of the global financial crisis. Using the General Household Survey data from 2002 - 2010, the study concludes that life cycle savings were greater during the period of 2002 - 2004 (,pre-financial crisis') compared with the period of 2008 - 2010 (,post-financial crisis'). Overall, the global financial crisis significantly negatively impacted household retirement savings.