Insights

Income groups

Just more than 10% of households earning R840 000+ p/a were financially literate.

Wellness indicators

2 Household wellness indicators deteriorated (ability to take control & income).

Financial literacy skill

Possessing financial literacy as a skill does improve financial outcomes.

Financially literate graduates

Just more than 20% of graduates and postgraduates are financially literate.

Higher wealth groups

Financially literate groups have a healthier outcome in the form of higher wealth.

Control & education

Households with a high level of financial literacy may realise better financial outcomes.

Interest & returns

Calculating interest and returns financial calculations was households’ biggest struggle.

Distressed households

The number of financially distressed households has more than doubled between 2021 and 2022.

Financial literacy

46% of households deemed themselves financially literate, but only 15% were actually financially literate.

Age groups

The youth and eldest are the least financially literate compared to other age groups.

Knowledge gap

There is a gap between financial knowledge & being empowered to make your money work.

Financial calculations

Only 9.4% of all households tested financially literate on financial calculations.

Business financials

The number 1 success factor for side hustlers is their business financials (58%).

My business won’t fail

An optimism bias sees SMME & side hustlers believe that their business won't fail.

Considering time & effort, there are pros & cons to how SMMEs & side hustlers earn.

Success to SMMEs

Most SMMEs & side hustle owners define success through financials, goals & personal impact.

Indices rating

Most SMMEs & side hustle owners feel they underperformed with a rating of 6.4 out of 10.

Emotional drivers

Motivation for success is anchored in personal & family foundational elements.

Business failure can cause SMME & side hustle owners to experience a sense of personal failure.

Employing staff vs not

In 2022 Q3, there were 2 683 603 SMMEs. 958 429 employ workers while 1 725 174 only employ the owner.

More household with side hustles

Approximately 12% of households in SA had a side hustle last year.

Embracing entrepreneurship

An estimated 10.5% of employees have a side hustle.

Creating a formula for success

70% of the individuals that have a side hustle feel they almost always are responsible for their future.