Unisa Science of Success research
The 2023 Science of Success Insights report informs and empowers South Africans to make their money moves and achieve financial success.
The 12th annual Momentum Unisa Household Financial Wellness Index encourages South African households to look at:
- Ways to improve their financial literacy to achieve financial security and success.
- The science of setting financial goals.
- Practical tips to assist them in taking control of their finances.
The state of personal and household finances in SASince 2012, Momentum and the University of South Africa (Unisa) have partnered on various projects to provide credible research insights into the state and success of household and consumer finances in South Africa. The purposeful collaboration includes:
- Momentum Unisa Household Financial Wellness Index (FWI)
- Momentum Unisa Household Wealth Index (HWI)
- Momentum Unisa Consumer Financial Vulnerability Index (CFVI)
A first of its kind in South Africa
The various indexes, and more specifically the Household Financial Wellness Index (FWI), is the first independent, credible and comprehensive research of its kind in South Africa and the findings:
- Present an invaluable and unprecedented benchmark in understanding the state of South African households’ finances.
- Provide financial services professionals and consumers with a meaningful overview to better understand and interpret the current state of South African consumer finances.
- It provides policymakers with the insights needed to improve their households' financial wellness.
What does financial success mean?
Financial success has become a buzzword worldwide, yet not many people know what it means. Financial success comes from the daily steps we take to reach the unique goals we have set for ourselves. It's about small and big victories, which change as you become more knowledgeable about what you want to achieve. Indeed, the research reveals that families and individuals are achieving some sort of financial success daily - without even realising it.
Our research, as well as what’s been found by international institutions such as Stanford University, have indicated what financial success is. Although different methodologies were used, the outcome, namely defining financial success, is strikingly similar. Financial success is about achieving short-term targets in pursuit of long-term goals.
We achieve financial success daily, whether making loan repayments
on time, making responsible purchases, drawing up a budget and
sticking to it, planning for the long-term and actively pursuing
long-term goals. It’s all about small wins: each step brings
Financial success is within your control
What happens when you think about money? If your heart skips a beat, you’re not alone. Many South Africans say that money is their greatest stress.
Each year we bring you the Momentum Unisa Household Financial Wellness Index (FWI), packed with practical tips from financial experts on how to empower you to give your money game the edge.
Success is a science and can be implemented by anyone
There's a science behind successful South African households. By focusing on your attitude toward money, building good money habits, combined with the right financial advice, you can effectively manage your money for long-term financial success.