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
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
