South Africans financially stressed and not hopeful for change
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GUEST – Nzwa Shoniwa, managing executive of Sanlam Umbrella Solutions
Sanlam's 2024 Benchmark research has painted a grim picture of South Africa’s economy and the psychological impact it has had on savers.
The 43rd edition of the survey shows the country’s economic outlook remains bleak, with little hope of substantial improvement in the near-term, leaving savers pessimistic about South Africa’s future. More than 60% of respondents in the Benchmark 2024 survey said they did not believe South Africa’s challenges would be resolved in their lifetimes, with most citing corruption as the root cause of the nation’s woes.
The report also found that public sentiment towards South Africa’s political leaders was overwhelmingly negative, with the resultant lack of trust cascading down to financial institutions. Some 66% of those surveyed indicated they either felt vulnerable about their finances, or financially exploited.
Sanlam's 2024 Benchmark research has painted a grim picture of South Africa’s economy and the psychological impact it has had on savers.
The 43rd edition of the survey shows the country’s economic outlook remains bleak, with little hope of substantial improvement in the near-term, leaving savers pessimistic about South Africa’s future. More than 60% of respondents in the Benchmark 2024 survey said they did not believe South Africa’s challenges would be resolved in their lifetimes, with most citing corruption as the root cause of the nation’s woes.
The report also found that public sentiment towards South Africa’s political leaders was overwhelmingly negative, with the resultant lack of trust cascading down to financial institutions. Some 66% of those surveyed indicated they either felt vulnerable about their finances, or financially exploited.