Financial Wellbeing Report - 2022
In 2022 we asked almost 12 000 South Africans about their current financial status, as well as their capacity and opportunity to achieve their future financial goals to take a closer look at the country’s financial wellbeing.
Survey participation
Men and women from across the country told us about their financial situation, constraints, and goals.
Occupation
Over 40% of respondents are employed.
Current and aspirational income
The vast majority of respondents claimed that financial constraints prevent them from pursuing higher education. Nearly 90% of South Africans want to make as much money as the top 10% of the country currently do.
Education
Only 47% of the respondents completed Matric.
Reasons for lack of a higher education
The respondents indicated they still want to continue their education but are unable to do so due to financial limitations.
Transport
Over 40% of respondents use public transportation to get around each month, and a large percentage aspsire to own their own vehicle.
If financial constraints were no issue
Instead of saving money for the future, South Africans are more concerned with keeping a roof over their heads. Many respondents admitted that they would like to have better financial priorities if money weren't an issue but that they are currently unable to do so due to financial constraints.
Retirement
The majority of participants intend to retire between the ages of 50 and 70, which is normal by South African standards. Only 44% of respondents claimed to be saving for retirement.
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