💡 Are you financially literate? Discover what South African consumers think about financial products and institutions. FinancialSector CustomerInsights TheCitizenBusiness Read more here: ➡️
South African consumers find financial products in the country are too expensive and they do not understand them, although they feel that financial institutions usually treat them well and meet their needs.
Some of the findings clearly demonstrated that South African consumers are not financially literate. Financial customers said they find it emotionally and cognitively taxing to look for and take up a financial product.No understanding of terms and conditions Married women, on the other hand, found it extremely difficult to switch products and sometimes struggled to resolve complaints themselves but noted that their husbands were subsequently able to resolve their complaints.
Generally, less than 30% of respondents indicated that financial institutions did not have their best interests at heart, although this was higher for credit providers and providers such as mobile money providers. Customers also said they wanted to own investment products because they view owning investment products with wealth and financial resilience but they also indicated that they do not understand how these products work very well.
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.
Cash flow among South Africans increases due to investments - SABC NewsOver seventy percent of the working adult population account for only 10 percent of the total cash flow income in the country.
Read more »
South Africans lose millions to new NFC fraudOmbudsman for Banking Services warns members of the public about the rise in contactless payments fraud in South Africa. NFC OnlineScams
Read more »
South Africans bought 8 Ferraris last month – this is what they gotIn July 2023, eight Ferraris were sold in South Africa. Here is an estimate of their cost and what they look like.
Read more »
Standard Bank expects profits to jump as South Africans cough up for higher interest ratesStandard Bank expects its headline earnings per share to jump by roughly 30%, as it benefits from the increase in interest rates.
Read more »
Weather forecast: What to expect in South Africa on 4 August 2023 | The CitizenFire danger ⚠️🔥and winter chill🥶Here's what to expect in SA weather tomorrow. TheCitizenNews coldfront saweather winterchill saweatherforecast saweatherupdate Get the details here⬇️
Read more »