The majority of South Africans’ mental health is most significantly impacted by their finances. A recent Sanlam Savings survey on the impact of money, indicated that 78% of people are extremely worried about their finances.
Financial stress has taken a toll on South Africans, with nearly 90% of them being stressed and 60% reportedly being extremely stressed. This is not surprising, given that just as we emerge from a pandemic, consumers have been thrust into a worsening cost-of-living crisis, noted financial services company Sanlam.and fuel prices, an inflation rate at a 13-year high and rising interest rates, both middle- and low-income earners countrywide are struggling, it said.
Only 30% of the respondents admitted to ignoring their money problems in the hope that it improves or goes away. Unfortunately, only 19% feel prepared or completely prepared to cover their day-to-day living costs, with only 16% prepared to financially meet their future needs. Most do not have enough money to save for the future and either live for the short-term or get themselves more and more into debt trying to make ends meet.
“Only 7% of respondents reported seeking advice from a financial planner or broker. It’s so important for people to speak with a financial adviser to help them create a financial plan with goal specific outcomes. After all, every day is a new chance to make better financial decisions,” said Botha.
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