By: Natasha Archary
Only 17% of South Africans are satisfied with their current financial situation, the Sanlam Financial Confidence Index report finds.
Sipho Mncwabe, Head of Adviser Transformation at Sanlam joins Gugulethu Mfuphi on Kaya Biz to share some of the key highlights from the survey.
The research found that 81% of South Africans surveyed experience stress when managing their personal finances, only 35% of South Africans trust their financial abilities and just 17% don’t experience unhappiness when it comes to their current financial situation.
“Sanlam recently conducted a survey with 1 500 respondents from different age groups, and different income brackets, to find out how financially confident South Africans are.
Only 35% of respondents trust their financial abilities. This factor is essentially what financial confidence is, the belief that you are in a position to handle your financial affairs.
If just about a third of respondents say they trust their financial abilities, it paints a dire situation where people don’t have the confidence to manage their finances.
It also underscores the significant gap that exists in financial guidance and financial education in the country, and the need for financial education to help people build that self-trust.”
Individuals between the ages of 40 and 60 exhibit the lowest self-trust levels, and only 52% of people surveyed have access to credit.
Over 50% of people still rely on family and friends for financial support, and only 34% have insurance coverage for unforeseen financial risks.
Listen to the conversation on Kaya Biz:
Also read: Food prices in SA too high, Competition Commission finds
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