The country’s economic situation was a contributing factor to how people feel about their own current financial situation.
Only 17% of South Africans surveyed are not unhappy with their current financial situation, while a massive 81% experience stress when managing their finances, and only 35% trust their financial abilities.
“Benchmarking the level of financial confidence of South Africans is vital when driving financial education and empowerment initiatives. The public and private sector must collectively work towards equipping individuals with the necessary tools to build financial confidence.”Concerning trend in levels of self-trust
The younger age groups had higher confidence and self-trust and demonstrated more proactive financial determination, likely contributing to their ability to identify suitable financial products. Mncwabe says the age-based disparity in confidence could be influenced by different life stages rather than solely indicating a skill deficiency in older individuals.
“In the financial resilience dimension, people generally still have a low level of trust in their financial abilities and therefore awareness can be self-limiting.”
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