SA Households 2023
Just more than 10% of households earning R840 000+ p/a were financially literate.
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.
The number of financially distressed households has more than doubled between 2021 and 2022.
46% of households deemed themselves financially literate, but only 15% were actually financially literate.
The youth and eldest are the least financially literate compared to other age groups.
There is a gap between financial knowledge & being empowered to make your money work.
Only 9.4% of all households tested financially literate on financial calculations.
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.
Pros and cons to side hustles
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.
Most SMMEs & side hustle owners feel they underperformed with a rating of 6.4 out of 10.
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.
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.
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