Thread: What do South Africans think about money?

Although they forgot poor, little, old Namibia, I will assume that the findings for us in Namibia will not differ significantly from those in SA


South Africans define financial success as being able to provide the basics of food and shelter for their families, according to a global study carried out by market research company Synovate.


Synovate set out to discover how consumers around the world define financial success, their attitudes to cash and what actions they take to get more of it.


Of the emerging markets surveyed, South Africans (31%) were the second most focused on providing the very basics of food and shelter for their families, succeeded by India (43%) and followed by Bulgaria (24%) and Malaysia (23%).


The number one definition of financial success in developed markets was 'I have no debt'. This was especially the case in the US and the UK, but also very evident in Australia, Netherlands, and Canada.


The majority of respondents globally agree that success is about having what you need and not what you want. In South Africa, 82% agreed with this.


Generally, respondents are divided when it comes to money being 'on their minds'. Eighty three percent (83%) of Indonesians agree with the statement 'I think about money - and how to get more of it - regularly', followed by 76% in both India and Malaysia. Two thirds of South African's obsess about money while nationals of Italy (26%), the Netherlands (30%) and Russia (30%) are least likely to be thinking about money.

Some 74% of South Africans say they would be happier if they had more money. However 58% say 'The time it takes to become financially successful is not worth the time it takes away from other, more important things'

South Africans believe that money comes with its problems, with 67% of respondents agreeing that 'The more money one has, the more problems one has'.


Generally South Africans don't believe they have enough money. Some 35% believe they have just enough money for housing, food and clothing for their family -excluding any of the 'extras'.


However it seems not many South Africans plan their finances, with just over half of South Africans (52%) said that they make their own financial plan or budget to ensure their financial security and 36% said that they set goals for themselves.
Hard work may pay off in South Africa since 35% see working hard as a means to a well paid job which is important to achieving financial success.


Synovate spoke with 12,775 adult consumers in 16 markets around the world. The study was conducted in January and February 2008 using online, telephone and face-to-face methodologies. In South Africa, 500 nationals were interviewed telephonically in the major metropolitan areas.

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