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Sanlam Report finds that Only 17% of South Africans are satisfied with their current financial situation

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GUEST - Sipho Mncwabe, Head of Adviser Transformation at Sanlam

Sanlam has launched its first-ever Sanlam Financial Confidence Index, 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.

Key survey highlights:

• Only 35% of respondents trust their financial abilities.

• Individuals aged 40 to 60 exhibit the lowest self-trust levels.

• 57% feel confident identifying suitable financial products.

• 67% exhibit courage in negotiating financial matters.

• 52% have access to credit, and an equivalent percentage rely on friends and family for financial support.

• Only 34% possess insurance coverage for unforeseen financial risks.

• A mere 33% don't feel embarrassed about their childhood financial situations.

• Only 17% don't experience unhappiness regarding their current financial circumstances
13 Sep 2023 4PM English South Africa Business News · Investing

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