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#SuccessIsAScience
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Insights

SA Households 2023


Son and father looking at jar full of coins.

Income groups

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

Close-up image of a man’s hands holding a calculator while taking notes.

Wellness indicators

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

A couple sitting on the couch with a laptop and documents on the table in front of them.

Financial literacy skill

Possessing financial literacy as a skill does improve financial outcomes.

Two women graduates embracing each other while smiling.

Financially literate graduates

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

Women in the shopping isle of a grocery store, leaning on her trolly while looking at her cell phone.

Higher wealth groups

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

Family sitting amongst boxes in a new house with the children playing in the boxes.

Control & education

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

Couple looking concerned sitting in front of a table with a laptop and documents.

Interest & returns

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

Mature couple sitting on a couch as the man shows the woman an empty wallet.

Distressed households

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

A young couple sitting with a financial adviser going through documents.

Financial literacy

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

A mature women sitting alone looking worried as she reads a document.

Age groups

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

A happy couple taking a walk outdoors.

Knowledge gap

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

Young woman sitting and looking at her laptop while smiling.

Financial calculations

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

SMMEs 2023


A florist standing cutting flowers in a flower shop.

Business financials

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

Small business owner standing excitedly in front of her laptop while on the phone.

My business won’t fail

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

Woman standing with a small wooden block in each hand with one written “pros” and the other “cons”.

Pros and cons to side hustles

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

Woman smiling while in front of workshop counter with a cell phone in her hand.

Success to SMMEs

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

Concerned man sitting looking at receipts while using a calculator.

Indices rating

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

Father showing his son how to cut a piece of wood with a saw.

Emotional drivers

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

An open notepad placed on a work desk with the words “new mindset, new results” written on it.

Personal failure

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

A man and women standing in a warehouse taking stock of boxes of shelves.

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.

Fashion designer sitting at her work desk looking excitedly at her phone.

More household with side hustles

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

A content creator shooting herself unboxing a package.

Embracing entrepreneurship

An estimated 10.5% of employees have a side hustle.

Woman smiling looking at her phone.

Creating a formula for success

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

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