Sanlam launches 'Financial Confidence Index’ - finds only 35% of South Africans trust their financial abilities
, an annual index which assesses the financial confidence levels of the country’s adult population. 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.
The study surveyed over 1 500 respondents, representative of the adult South African population with a monthly income of R1 000 or more, and used three key behavioural finance indicators to assess overall financial confidence:, representing the capacity to bounce back from financial setbacks or unexpected challenges and adapt to changing circumstances while maintaining a sense of stability.
Interestingly, despite a lack of self-trust in their financial abilities, 57% of respondents felt confident in identifying appropriate financial products for their needs. However, this sentiment was slightly less common among individuals aged 40 and above, suggesting a potential generational gap in financial literacy and awareness.
The study also delved into respondents' financial well-being. Results showed that only a third did not feel upset or embarrassed about their financial situation when growing up. Additionally, only 17% did not feel unhappy about their current financial state, highlighting ongoing challenges in achieving financial contentment. Similarly, feelings of stress, hopelessness, and discomfort in various financial contexts were common among respondents.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brenda van Zijl - Financial AdvisorBrenda van Zijl is a Financial Life Planner. Her background as a Chartered Accountant enables her to understand and interpret financial information on a practical and a technical level. Her practice allows her to combine her love of people and her knack for numbers in helping clients.
Read more »
Craig Torr - Financial AdvisorCraig Torr read for his B.Comm degree at Nelson Mandela University. He is a Certified Financial Planning® professional and is passionate about helping clients create sustainable wealth. Craig is a founding director and shareholder of Crue Invest (Pty) Ltd which he started in 2004 together with his wife, Sue.
Read more »
Marius Fenwick - Financial AdvisorI entered the financial services industry in 1997 after starting my career in the mechanical engineering field some years earlier. I believe that to be on top of your game it is necessary to continuously upskill yourself and keep up with technology and current trends.
Read more »
Sean Kelly - Financial AdvisorI am a Director and Wealth Manager at Paragon Wealth Managers and founder of Paragon Investment Partners which operates as as a Discretionary Investment Manager. After completing my Bachelor of Commerce in Finance and Investment Management (UJ) I joined Iza Wealth specializing in offshore investments and global wealth structuring .
Read more »
Eric Jordaan - Financial AdvisorEric holds BA LLB LLM degrees specialisting in Tax, and is an admitted attorney. He is a Certified Financial Planning® professional and holds an Advanced Graduate Diploma in Financial Planning. Eric is a director and shareholder at Crue Invest and has a keen interest in retirement planning, estate structuring and tax.
Read more »
Chaos and financial ruinRampant corruption and fraud put the SABC on a path to financial ruin, says former board member Mathatha Tsedu.
Read more »