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Attitudes towards personal finances in South Africa 2020

In 2020, little over 50% percent of respondents in South Africa (18 to 64 years) agreed with the statement that they were well informed about their personal financial situation while around 47 percent of them stated to be worried about their financial future during the same period.

Financial constraints in South Africa
In 2002, the national unemployment rate in South Africa was at a record high of 33.47 percent. This figure continued to drop for the next few years and as of 2019, 28.2 percent of the South African population was unemployed.

Many of the people who are affected by the lack of employment opportunities are the younger generation among which the unemployment rate is as high as almost 56 percent, as of 2019. According to forecasts from 2020, the South African GDP will shrink by almost 5.8 percent in that year as the country struggles to contain the economic impact of Covid-19.

Which is the largest sector for employment in South Africa?
With 72 percent, services sector accounts for the biggest sector for employment in South Africa in 2019. It incorporates industries like telecommunication, IT, and tourism. Also, looking at the years 2009 to 2019, the South African services sector has steadily been contributing the lion’s share to the country’s GDP.

Which of these statements on personal finances apply to you?

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Source

Number of respondents

1,048 respondents

Age group

18-64 years

Supplementary notes

Multiple answers were possible.

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Statistics on "Financial market in Africa"

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