Financial Wellbeing Report - 2019
In 2019, we asked almost 8 000 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 status, constraints, and aspirations.
Current and aspirational income
Almost 90% of South Africans aim to earn as much as the nation’s current top 10%
Education
The majority of respondents indicated that they do not have access to a higher education due to lack of funds.
Transport
The majority of respondents rely on public transport to get around each month, and most aspire to own their own vehicle.
Main reasons for lack of a higher education
40% of respondents indicated that they would still like to further their studies but feel unable to do so because of financial constraints.
If financial constraints were no issue
South Africans are more focused on keeping a roof over their heads, than saving for the future. Many respondents indicated that if money were no issue, they would like to have healthier financial priorities but currently aren’t able to as a result of financial constraints.
Retirement
Most participants plan to retire between the ages of 50 and 70 years, which is considered normal by South African standards. However, it is concerning to note that only 50% of the respondents claim that they are currently saving for retirement.
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