WORKING South Africans are more positive about their finances than they have been since the onset of the Covid-19 pandemic in early 2020. This is the good-news message to come out of the 2024 Old Mutual Savings and Investment Monitor Report released this week. While economic challenges remain, we appear to have turned the corner in managing our money and improving our prospects.
Voyukazi Mabude, head of knowledge and insights at Old Mutual, says the latest report reveals how working South Africans, from young adults starting their careers to those planning for retirement, are determined to secure their financial futures despite ongoing economic hurdles.
The report highlights how South Africans are not only resilient but also innovative, taking proactive steps to improve their finances by reducing their reliance on debt, being more entrepreneurial and increasing their income streams. This shift in mindset is truly inspiring. It shows that, despite the challenges, South Africans are finding ways to thrive and are navigating their financial journeys with optimism and determination, Mabude says in her introduction to the report.
The Old Mutual Savings and Investment Monitor has been conducted annually since 2009. This years research surveyed 1 500 working South Africans aged 18 to 65 earning a personal monthly income of more than R8 000. The fieldwork was carried out in April and May and the data was weighted according to the income and demographic profiles of this group.
One of the top findings of the research was that respondents were less stressed financially than they had been in the past few years. Just over a third 37 said they had high or overwhelming stress, compared with 45 last year and 58 in 2020.
