South Africans are showing remarkable financial resilience and adaptability driven by increased confidence in their ability to save and invest, despite the economic challenges they face. However, while men are less financially stressed, women are not so lucky.
According to the latest Old Mutual Savings Investment Monitor 2024 survey, financial stress among working South Africans has decreased significantly, with 37% financially stressed compared to 58% in 2020. In addition, 68% are optimistic that their financial situation will improve in the next six months, up from 53% in 2020.
The Old Mutual Savings Investment Monitor is an annual survey that tracks the shifts in the attitudes and behaviours of working South Africans.
The survey also reveals a promising trend in access to financial advice, with 43% using a financial adviser in 2024, up from 39% in 2023, while 86% consulted their adviser in the past year.
These key findings suggest increased access to financial advice is responsible for driving financial confidence. This optimism is crucial for promoting proactive financial behaviour and continued resilience, says Vuyokazi Mabude, head of knowledge and insights at Old Mutual.
