{"id":3131,"date":"2020-06-04T06:05:00","date_gmt":"2020-06-04T06:05:00","guid":{"rendered":"https:\/\/borderlessaccess.com\/blog\/?p=3131"},"modified":"2025-06-16T11:12:26","modified_gmt":"2025-06-16T11:12:26","slug":"money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa","status":"publish","type":"post","link":"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/","title":{"rendered":"Money Makes The World Go Round: Understanding Financial Behaviour In South Africa"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p style=\"font-size:18px\"><p style=\"font-size:18px\">As South Africa, along with the rest of the world, strives to jump-start the economy after its unprecedented hiatus,&nbsp;<a href=\"https:\/\/www.borderlessaccess.com\/?utm_source=Financial%20behaviour&amp;utm_medium=Article&amp;utm_campaign=Financial%20behaviour\" rel=\"noreferrer noopener\" target=\"_blank\">Borderless Access<\/a>&nbsp;shares the financial and banking behaviour of our citizens. We provide a glimpse into how South Africans bank, what financial decisions they have made, both pre and during COVID-19, and understand where they invest their hard-earned money.<\/p><br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>When it comes to financial decision-making, South African households are split pretty evenly between those with shared decision-making partnerships (42%) and those with sole decision-makers (44%). Our panellist information provides insights from both of these types of households.<br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"535\" data-id=\"3136\" src=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour.webp\" alt=\" African Finance Behavior\" class=\"wp-image-3136\" srcset=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour.webp 750w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour-300x214.webp 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure><\/div><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/#South_Africans_retain_strong_trust_in_their_banks\" title=\"South Africans retain strong trust in their banks\">South Africans retain strong trust in their banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/#Reasonable_savings_ethic_prevailed_pre-COVID19\" title=\"Reasonable savings ethic prevailed pre-COVID19\">Reasonable savings ethic prevailed pre-COVID19<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/#Pandemic_hurts_an_already-struggling_economy\" title=\"Pandemic hurts an already-struggling economy\">Pandemic hurts an already-struggling economy<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/#Pre-profiled_panels_enable_targeted_financial_and_banking_surveys\" title=\"Pre-profiled panels enable targeted financial and banking surveys\">Pre-profiled panels enable targeted financial and banking surveys<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-south-africans-retain-strong-trust-in-their-banks\" style=\"font-size:26px\"><span class=\"ez-toc-section\" id=\"South_Africans_retain_strong_trust_in_their_banks\"><\/span><strong>South Africans retain strong trust in their banks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p style=\"font-size:18px\"><p style=\"font-size:18px\">Two thirds of South Africans have any form of personal access to credit facilities, with 26% having access to a company credit card. Nearly half of the country does not own a credit card at all. On the other end of the scale, one fifth owns more than one credit card.<\/p><br><\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"540\" data-id=\"3137\" src=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/South-African-Financial-Behaviour.webp\" alt=\"South African Finance Behavior\" class=\"wp-image-3137\" srcset=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/South-African-Financial-Behaviour.webp 750w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/South-African-Financial-Behaviour-300x216.webp 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure><\/div><\/figure>\n\n\n\n<p style=\"font-size:18px\"><p style=\"font-size:18px\">Savings accounts are the most common form of account, followed by current accounts. The majority of South Africans bank with commercial and retails banks, with 10% banking with investment banks.<\/p><br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Non-bank digital payment methods&nbsp;have not gained mass uptake in South Africa, with most nationals holding onto the trust and heritage that their banks provide, and hence feeling more comfortable utilising traditional payment methods. However, post-lockdown we expect to see this changing, as the world leapfrogs to a greater embrace of digitization across domains.<br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18px\"><p style=\"font-size:18px\">Despite the apparent Bitcoin mania of the past few years, only 3% of nationals claim to have a Bitcoin account.<\/p><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-reasonable-savings-ethic-prevailed-pre-covid19\" style=\"font-size:26px\"><span class=\"ez-toc-section\" id=\"Reasonable_savings_ethic_prevailed_pre-COVID19\"><\/span><strong>Reasonable savings ethic prevailed pre-COVID19<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Overall, our local savings habits are fairly impressive with&nbsp;17% of the average monthly household income being invested in savings products&nbsp;\u2013 at least this is what we saw pre-COVID19.<br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18px\"><p style=\"font-size:18px\">Life Insurance is the most commonly owned financial asset with nearly a quarter of South Africans investing in this option. The next most common assets are pension schemes with guaranteed rates, and health insurance \u2013 14% and 13% of South Africans respectively invest their money in these options.<\/p><br><\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-3 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"444\" data-id=\"3140\" src=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Finance-Behaviour-1024x444.webp\" alt=\"South African Finance Behavior\" class=\"wp-image-3140\" srcset=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Finance-Behaviour-1024x444.webp 1024w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Finance-Behaviour-300x130.webp 300w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Finance-Behaviour-768x333.webp 768w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Finance-Behaviour-1536x666.webp 1536w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Finance-Behaviour-2048x887.webp 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<p style=\"font-size:18px\">As salaries and disposable income shrinks as a result of lockdown, we hope that savings will remain a priority, but this remains to be seen.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-pandemic-hurts-an-already-struggling-economy\"><span class=\"ez-toc-section\" id=\"Pandemic_hurts_an_already-struggling_economy\"><\/span><strong>Pandemic hurts an already-struggling economy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>We had already noticed\u00a0concerns about the economy\u00a0before the pandemic hit, with South Africans adjusting their budget accordingly. In February 2020, we witnessed 57% of South Africans recording a reduction in spend on non-essentials. Naturally the\u00a0global crisis and lockdown\u00a0have resulted in a further shift in this regard, with consumers choosing to \u2013 and, for the period of lockdown, only being allowed to \u2013 focus their spend on essentials.<br><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:18px\"><p style=\"font-size:18px\">South Africans are however also fairly strongly invested in loans: 30% have personal loans and 13% have home loans. Automobile loans are particularly high relative to home loans, with 10% of people nationally paying off a vehicle.<\/p><br><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"526\" src=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour-On-Loans.webp\" alt=\"South African Finance Behavior\" class=\"wp-image-3138\" style=\"width:700px\" srcset=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour-On-Loans.webp 900w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour-On-Loans-300x175.webp 300w, https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/African-Financial-Behaviour-On-Loans-768x449.webp 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pre-profiled-panels-enable-targeted-financial-and-banking-surveys\" style=\"font-size:26px\"><span class=\"ez-toc-section\" id=\"Pre-profiled_panels_enable_targeted_financial_and_banking_surveys\"><\/span><strong>Pre-profiled panels enable targeted financial and banking surveys<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<p style=\"font-size: 18px;\">Borderless Access has the largest pre-profiled online panel in South Africa and across the globe. We are able to drill down within our panels into different industry niches for understanding their behaviour across many areas, including their finances. With our deeply profiled panellists and our proprietary community management and survey platform,\u00a0<a href=\"https:\/\/borderlessaccess.com\/online-community-platform\">SmartSight\u2122,<\/a> driven by advanced proprietary technology and AI-ML, we are able to identify the right set of respondents for a survey &#8211; even before it starts &#8211; and reach out to them to at their most preferred timeslot and channel for quick and better results.<\/p>\n\n\n<p style=\"font-size:18px\">We conduct surveys for our finance clients on credit card usage, financial assets, loan investments, insurance, payment behaviour and many more related topics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>As South Africa, along with the rest of the world, strives to jump-start the economy after its unprecedented hiatus,&nbsp;Borderless Access&nbsp;shares the financial and banking behaviour of our citizens. We provide a glimpse into how South Africans bank, what financial decisions they have made, both pre and during COVID-19, and understand where they invest their hard-earned money. When it comes to financial decision-making, South African households are split pretty evenly between those with shared decision-making partnerships (42%) and those with sole decision-makers (44%). Our panellist information provides insights from both of these types of households. South Africans retain strong trust in&#8230;<\/p>\n","protected":false},"author":21,"featured_media":3155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-behavior"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Money makes the world go round: Understanding financial behaviour in South Africa<\/title>\n<meta name=\"description\" content=\"South African consumer financial behaviour &amp; decision-making economic survey\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money Makes The World Go Round: Understanding Financial Behaviour In South Africa\" \/>\n<meta property=\"og:description\" content=\"South African consumer financial behaviour &amp; decision-making economic survey\" \/>\n<meta property=\"og:url\" content=\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Research Insights -Borderless Access Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-04T06:05:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-16T11:12:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/borderlessaccess.com\/blog\/wp-content\/uploads\/2024\/02\/Understanding-Financial-Behaviour-South-Africa.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1250\" \/>\n\t<meta property=\"og:image:height\" content=\"955\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Cindy Bowdan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cindy Bowdan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/\",\"url\":\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/\",\"name\":\"Money makes the world go round: Understanding financial behaviour in South Africa\",\"isPartOf\":{\"@id\":\"https:\/\/borderlessaccess.com\/blog\/#website\"},\"datePublished\":\"2020-06-04T06:05:00+00:00\",\"dateModified\":\"2025-06-16T11:12:26+00:00\",\"author\":{\"@id\":\"https:\/\/borderlessaccess.com\/blog\/#\/schema\/person\/7cef99a161a6dc7f1d93f063980cd0fd\"},\"description\":\"South African consumer financial behaviour & decision-making economic survey\",\"breadcrumb\":{\"@id\":\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/borderlessaccess.com\/blog\/money-makes-the-world-go-round-understanding-financial-behaviour-in-south-africa\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/borderlessaccess.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Money Makes The World Go Round: Understanding Financial Behaviour In South Africa\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/borderlessaccess.com\/blog\/#website\",\"url\":\"https:\/\/borderlessaccess.com\/blog\/\",\"name\":\"Market Research Insights - Borderless Access Blog\",\"description\":\"Gain fresh perspectives and insights on global trends for your business growth. 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