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July 2017
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WHAT IS THE SAVINGS & INVESTMENT MONITOR?
Saving & Investment
Behaviours & Attitudes
Annual Survey
Metro
Working
South
Africans
July 2017
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METHODOLOGYMAIN SURVEY
Tracking study to look at
trends
Face-to-face interviews
(1 000 HH’s)
Conducted by independent
research house,
Peppercorn Research
Weighted to the SA
working metro population
(AMPS)
Fieldwork dates: 25 April – 24 May 2017
July 2017
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DEFINITION OF SAVINGS & INVESTMENTS
And using that
money to pay
debt faster, like
putting extra into
your home loan
Into savings
accounts,
policies &
investments
Holding
back on
spending
Putting
money
away
July 2017
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HISTORY OF THE SAVINGS & INVESTMENT MONITOR
Nov
2009July
2010Nov
2010Nov
2011July
2014
BabyBoomers &
High IncomeMarket
Debt & Z-Generation
July
2015Nov
2012
Public Sector
July
2013
Youth
July
2012
Women
July
2011
Stokvels
July
2016
Household,Behavioural
Shifts
July
2017
Entrepreneurs
(Self Employed & “Slashers”)
July 2017
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IMPRESSIONS ABOUT OUR COUNTRY…………………
“Thinking about our country at the moment, what 3 words come to mind?”
July 2017
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CONFIDENCE IN THE SOUTH AFRICAN ECONOMY
Decline in 2016 has been maintained
58% 55% 55% 52% 55%
31% 34%
2011 2012 2013 2014 2015 2016 2017
2017: Gauteng 43%, KZN 31%, W.Cape 17%
July 2017
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6.97.1
7.2
6.9
6.36.2
6.5
5.7
6.36.5 6.5
6.0
5.7
6.0
2011 2012 2013 2014 2015 2016 2017
SLIGHT RECOVERY IN MINDSET ABOUT FINANCES, BUT STILL AT LOW LEVELS
Satisfaction with
current financial
situation (out of 10)
Confidence in
making financial
decisions (out of 10)
July 2017
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57% 55% 58% 65% 68% 63% 62%
17% 16% 15%15% 12% 16% 16%
8% 7% 7%6% 5% 6% 7%
18% 21% 20% 14% 15% 15% 15%
2011 2012 2013 2014 2015 2016 2017
Savings
Insurance & Medical Aid
Debt
Consumption / Living Expenses
% OF INCOME SPEND
July 2017
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57% 65%
19%14%
8% 6%
17% 15%
Public Private
Savings
Insurance & Medical Aid
Debt
Consumption / Living Expenses
% OF INCOME SPEND – PUBLIC VS PRIVATE SECTOR (2017)
July 2017
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SAVINGS & INVESTMENTVEHICLES USED
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SAVINGS & INVESTMENT VEHICLES USED
10%
20%
30%
40%
50%
60%
70%
80%
2010 2011 2012 2013 2014 2015 2016 2017
Banked cash savings
Funeral policies
Life assurance / death &
disability cover
Pension / provident fund
Education policies
RA
Informal savings (Black)
Have neither pension /
provident nor RA
July 2017
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63%59% 56%
44%40% 40%
46% 44%
SAVING FOR CHILDREN’S EDUCATION STILL A CONCERN
2010 2011 2012 2013 2014 2015 2016 2017
So, in 2017,
56% are
NOT saving
Have Education Policy and/or say they are saving for education
July 2017
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SAVING FOR CHILDREN’S EDUCATION – LOWER INCOME HOUSEHOLDS
IMPACTED THE MOST
2010 2011 2012 2013 2014 2015 2016 2017
56%
29%
73%
37%
70%
43%
57%
56%54%
58%
20%
30%
40%
50%
60%
70%
80%
90%
2010 2012 2016 2017
< R6k
R6k - R13 999
R14k - R19 999
R20k - R39 999
R40k+
HH Income pm
July 2017
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INFORMAL SAVINGS
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INFORMAL SAVINGS
50
4248 50
45
58 5953
49
29
3733
29 3134 32
19
1014
11 1215
18 1617
84 4
96
17
9
2010 2011 2012 2013 2014 2015 2016 2017
Stokvels
Burial Societies
Grocery Schemes
Unbanked Cash
Savings
88% of informal savers are black
(based on black households)
July 2017
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2017 Household Income
13% 26% 40% 38% 42%<R6k pm R6-14k pm R14-20k pm R20-40k pm >R40k pm
INCIDENCE OF BELONGING TO MORE THAN ONE STOKVEL STILL PREVALENT
July 2017
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WHAT ARE STOKVEL PAYMENTS USED FOR?
Saving for a rainy day 44%
Saving to pay off debt 43%
Purchasing groceries at end of month 31%
Purchasing furniture & appliances 31%
Saving for education 25%
Purchasing clothing 18%
Saving for something specific 16%
July 2017
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INFORMAL SAVINGS – STOKVELS Contribution amounts (R)
685
405
672
612
961
1279
715
368
624
891
930
1595
677
431
568
718
794
1608
666
299
515
885
933
1536
Overall
Less than R6k
R6k – R13 999
R14k – R19 999
R20k – R39 999
R40k+
2017 2016 2015 2014
(based on black households)
July 2017
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(based on black households)
BORROWING FROM STOKVELS
July 2017
Approximately
50% Have borrowed
at least once in
the past year
R4 660on average
Used for:
School fees 32%
Pay off debt 24%
Groceries 23%
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DEPENDENCY
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26%
34%40% 38% 39% 41%
45%
37%
DEPENDENCY ON CHILDREN
“My children should look after me when I am old”
2010 2011 2012 2013 2014 2015 2016 2017
HH income pm< R6k 53%>R40k 22%
July 2017
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DEPENDENCY ON GOVERNMENT
“The government will take care of me if I am unable to take care of myself”
30% 32%
38%
31% 32%36%
32% 33%
July 2017
2010 2011 2012 2013 2014 2015 2016 2017
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STILL HIGH EXPECTATION OF HAVING TO SUPPORT FAMILY/PARENTS
IN FUTURE
50%
48%
48%
55%
58%
58%
2012
2013
2014
2015
2016
2017
July 2017
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THE OLD MUTUAL SANDWICH GENERATION INDICATOR
20%23%
21%23%
25%29% 28%
2011 2012 2013 2014 2015 2016 2017
2011 2012 2013 2014 2015 2016 2017
July 2017
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SANDWICH GENERATION - BY INCOME
21%
24%
21%
17%16%
15%
26%
22%
30%
24%
21%22%
30%28%
25%
34%
31%
34%
26%25%
26%
34%
26%28%
21%
Less than R6k R6k – R13 999 R14k – R19 999 R20k – R39 999 R40k+
2013 2014 2015 2016 2017
Monthly Household Income
July 2017
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SANDWICH GENERATION – BY GENERATION
18%
24%
18%19%
30%
16%
22%
29%
17%
30% 31%
26%28%
31%
22%
Gen Y Gen X Baby Boomers
2013 2014 2015 2016 2017
July 2017
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APPROXIMATELY 1 in 2……18 – 34 YEAR OLDS LIVE AT HOME
WITH PARENTS
45%
46%
42%42%
49%
38%
40%
42%
44%
46%
48%
50%
2013 2014 2015 2016 2017
July 2017
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DEBT
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17%
20%
16%
21%
14%
6% 7%
10%
15%13%
3% 3% 4%
8%6%
2013 2014 2015 2016 2017
A financial institution
A friend / relative
A micro lender
PERSONAL LOANS – DECLINE IN THOSE FROM FINANCIAL
INSTITUTIONS
July 2017
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STILL BORROWING FROM FAMILY/ FRIENDS, BUT…………..
12%
5% 5%3% 1%
13%
9%
4%5%
0%
18%
12%
8%
4% 4%
27%
16%15%
9%
5%
21%
16%
13%
9%
4%
Less than R6k R6k – R13 999 R14k – R19 999 R20k – R39 999 R40k+
2013 2014 2015 2016 2017
July 2017
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FAMILY/ FRIENDS ARE CALLING IN LOANS EARLIER…OR……..
BORROWERS ARE WANTING TO PAY OFF FASTER
45%47%
38%
43%
34%
26%
0%
10%
20%
30%
40%
50%
60%
2012 2013 2014 2015 2016 2017
“I pay irregularly/only when I can.”
July 2017
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LIVINGEXPENSES
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86%(88%)
84%(85%)
83%(86%)
79%(78%)
74%(76%)
69%(65%)
63%(65%)
59%(60%)
58%(61%)
Holiday / travel Having friends
around /
entertaining at
home
Eating
out/entertainment
Alcoholic
beverages
Shoes & clothing Cigarettes Hair / beauty Food & groceries Domestic
worker/gardener
July 2017
CUTTING BACK ON EXPENSES What categories are South Africans cutting back on / looking for cheaper options?
LUXURIES
% who are cutting back / looking for cheaper options
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ESSENTIALS52%
36% 36% 36% 33%
21% 19% 19% 18%
Cell phone
airtime
DStv /
M-Net
Assistance
payments
to children /
dependents
Electricity /
water
Armed
response
Transport to
work
Car & household
insurance
Accommodation Children's
education
July 2017
What categories are South Africans cutting back on /
looking for cheaper options?
% who are cutting back / looking for cheaper options
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INCOME HAS NOT COVERED LIVING COSTS (at least once in the last year)
78%
58%
46%
40%
25%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
< R6k
R6k - R13 999
R14k - R19 999
R20k - R39 999
R40k+
HH
income
pm
July 2017
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WHEN INCOME AND EXPENSES DO NOT MEET……WHAT DID YOU DO?52%..... this has happened at least once in the past year.
67%
24%
32%
17%
34%
56%
36%
24% 22%
36%
58%
37%
19% 19%
35%
42% 41%
21%17%
44%
Borrow from a friend /
relative
Use savings Pay bills late /
miss payments
Personal loan from
institution or micro
lender
Borrow from my stokvel
(based on those who
contribute)
Less than R6k R6k – R13 999 R14k – R19 999 R20k+
July 2017
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WHEN INCOME AND EXPENSES DO NOT MEET…………
Pay bills late/miss payments
19%
33% 34%
22%32%
24%19% 21%
Less than R6k R6k - R13 999 R14k - R19 999 R20k+
2016 2017
July 2017
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WHEN INCOME AND EXPENSES DO NOT MEET…………
Borrow from my stokvel (based on those who contribute)
41%48%
40% 41%34% 36% 35%
44%
Less than R6k R6k - R13 999 R14k - R19 999 R20k+
2016 2017
July 2017
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TO STRETCH THEIR BUDGETS FOR GROCERIES – MORE HOUSEHOLDS
ARE BUYING IN BULK
92%
60%
54%
54%
91%
61%
67%
54%
Looking out for discounts /
specials
Using a cheaper supermarket for
some / all groceries
Buying in bulk
Changing to cheaper brands
2016 2017
July 2017
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ENTREPRENEURSSelf Employed &
“Slashers”
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SELF EMPLOYED
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DECLINE IN SELF EMPLOYED
12% 12% 12% 12%
8%
0%
5%
10%
15%
20%
25%
30%
2013 2014 2015 2016 2017
How was business funded?
Used own savings/investments
68%
Loan from family/ friends 22%
July 2017
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ENTREPRENEURIAL APPETITE & BARRIERS
Barriers to starting your own business
Lack of funding 48%
Am not brave enough/don’t have the courage
16%
Can’t think of a good idea/ not sure what to do
16%
I don’t have the time 15%
I think about it all the time/
think about it a lot
Gen Y 26%
Gen X 30%
Baby Boomers 17%
July 2017
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“SLASHERS”(EMPLOYED BUT WITH SIDELINE
JOB/BUSINESS DISSIMILAR TO PRIMARY JOB)
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SLASHERS
Currently earn additionalincome, over and above your
normal job
Yes – something
similar to my
current job
13%
Yes – something
that is not at all
similar to my
current job
24%
No 63%
Base: 943 working individuals earning R5k+ per month
Which job would you prefer to
make a career out of?
Current job: 47%
Other job: 53%
July 2017
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WHY MORE THAN ONE JOB………?
55%
45%
43%
38%
37%
37%
31%
29%
29%
26%
We like to live comfortably and additional income helps
We are saving for a rainy day
To pay off debt
Financially we cannot make ends meet
We want to retire more comfortably
Need to take care of my family (e.g. parents, siblings)
We are saving to travel
Saving for children's education
We are saving to leave something to our children
We are saving to buy a house
July 2017
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SLASHERS – 2nd Jobs
Event
planner
Hiring
HR consultancy
Bookseller
Cash wash
Sell stationery
to schools
Grow and sell vegetables
Catering
Barber
Online boutique
Installing water
treatment equipment
Sell Herbalife
Tutor
Garden
service
Musician
Nail
technician
Manufacture
kiddies clothing
Sell “flat
stomach” tea
PhotographerCarpentry
Errand runner /
messenger
Internet
café
Make costume
jewellery
Waitressing
Party equipment
July 2017
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SLASHERS - ATTITUDES
Having more than one job has impacted my family life/personal life
negatively
17%
I find it difficult to manage everything in my life by having more than one job
26%
I don’t have time for more than one job, but financially I need the money
42%
Financially I don’t really need more than
one job14%
I enjoy having more than one job 63%
% Agree
July 2017
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THANK YOU