The financial advice culture in South Africa: 6 barriers to advice

Key barriers to financial advice in South Africa

1. Not understanding what financial advice really is

   One of the most significant barriers is a lack of understanding. Many South Africans are unsure what a financial adviser does or how Financial advice applies to their everyday lives.
   
   Financial advice is often associated only with retirement or investment products. In reality, advice can help with:

   • Managing debt and cash flow
   • Protecting income and loved ones
   • Planning for short- and long-term goals
   • Navigating life changes with confidence
   
   

   When the value of advice is unclear, people are less likely to seek it.

2. The belief that advice is only for the wealthy

   There is a persistent perception that financial advice is a service reserved for high-income earners. This belief has created a cultural divide, where many people feel excluded before the conversation even begins.
   
   In practice, financial advice can be especially valuable for households under pressure – helping prioritise needs, avoid costly mistakes, and make informed trade-offs with limited resources.
   
   Changing this mindset is key to shifting how South Africans engage with advice.

3. Limited disposable income and affordability concerns

   Closely linked to perception is affordability. With rising living costs, many households feel they don’t have enough disposable income to justify seeking advice.
   
   As a result, financial advice is often postponed until “things improve”. Unfortunately, delaying advice can lead to decisions that worsen financial stress over time.
   
   Professional advice is not only about growing wealth, it’s about making better decisions with what you have.

4. Not knowing where to get financial advice

   Even when people are open to the idea of advice, many do not know where to get financial advice or how to identify a credible adviser.
   
   Questions such as:

   • Where do I go for financial advice?
   • Where can I get good financial advice?
   • Who can I trust?
   
   

   …often go unanswered, leading to inaction. Without clear pathways, people default to managing finances alone or relying on informal sources.

5. A lack of trust in financial institutions and products

   Trust remains a critical issue in the advice landscape. Some South Africans feel that financial advice is too closely tied to selling products, rather than genuinely addressing their needs.
   
   When advice is perceived as transactional, people disengage. Building trust requires transparency, needs-based conversations, and a focus on long-term outcomes rather than short-term sales.

6. Financial solutions that don’t feel relevant

   Many existing financial solutions do not reflect the realities of South African households – particularly those with irregular income, multiple dependants, or competing financial priorities.
   
   When advice and products feel generic or disconnected from real life, people struggle to see the value. Personalised, flexible advice is essential to making financial planning feel achievable and relevant.

Changing the financial advice culture in South Africa

These six barriers help explain why many people still hesitate to seek professional financial advice. However, the culture is beginning to shift.

More South Africans are recognising that financial advice is not about having it all figured out – it is about having the right support to make better decisions at every stage of life.

As awareness grows around how to get financial advice in South Africa and where to seek it, advice becomes less intimidating and more accessible.

Where to get financial advice

Knowing where to get financial advice is often the biggest hurdle. Reliable financial advice should come from a qualified, accredited adviser who takes the time to understand your needs, priorities, and life stage, not just your products.

Through Momentum, you can request a call back from a certified financial adviser who offers needs-based guidance across budgeting, protection, saving, and long-term planning. Understanding where to seek financial advice and what to look for in an adviser is an important first step towards better financial outcomes.