Science of Success 2021
The Momentum Unisa Household Financial Wellness Index 2021 unpacks the behavioural financial habits that can accelerate or decelerate South African households on their journey to success.
We hosted the Science of Success Festival 2021 on 24 November, an interactive deconstructed conference where we unpacked the Momentum Unisa Science of Success Insights.
In this immersive experience, we’ll demonstrated:
- The impact of mental bandwidth depletion on your financial decisions
- The science behind the success of South African households
- How your behavioural financial habits can accelerate or decelerate
7 weeks 7 habits
There's a science behind successful South African households. They follow 7 fundamental habits to make sure they stay on the money when it comes to their finances.
Habit 7: They diversify their income sources by having multiple income streams, whether it's a small project to learn or master new skills that can be turned into a major source of income in the future, or have passive income sources like dividends interest, or rental income.
It's never too late to invest and reach your goals
You're ready to keep your money safe and grow your wealth. The question is, what are the most suitable investment options for your unique needs? Whether you want to invest a lump sum amount or build savings monthly, with our wide range of savings plans and investment solutions, we can help you achieve your financial goals.
- Flexible savings plans and tax-efficient investment options.
- Your trusted investment partner growing your wealth since 1966.
We offer a range of personal investment solutions you can tailor to meet your investment needs and achieve your goals.
What our insights have revealed
Economic
environment
A combination of lower interest rates, loss of income as well as fear and uncertainty contributed to many households reducing their long-term deposits and switching to shorter- and medium-term deposits.
Financially knowledgeable women
Women, on average, occupied about 44.2% of the skilled and managerial positions in 2017 to 2019.
Financially knowledgeable youth
The youth households’ main sources of income are mostly from salaries and wages (61.7%), while some mainly depend on business income (17.7%) or grants (13.0%).
SMMEs and
side hustlers
SMMEs are highly reliant on word of mouth to accelerate their momentum. Research highlighted businesses (19%) are very reliant on word-of-mouth recommendations to increase awareness and ultimately their client base.
Entrepreneurs, calibrate your mind towards financial success
It’s time to think clearly about your next money moves. We understand that the economic situation has not been easy on your financial choices. That’s why we give you digestible insights to sharpen your thinking in discerning what is almost right versus what is right for your business.
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Rands and sense with Science of Success 2021
Your financial success needs your full attention.
Empower yourself. Learn how #SuccessIsAScience with the 2021 insights, and by speaking to a financial adviser who is ready to help you succeed.
Financial wellness
index score
The general decline in the household Financial wellness component scores was driven mainly by the impact of the COVID-19 pandemic.
Financial success
True financial success should be assessed in terms of each individual’s and household’s unique financial goals, and not by looking at how much they earn or how wealthy they are.
Young people
Young people in South Africa have experienced many challenges ranging from disruptions in their education endeavours due to the COVID-19 pandemic to struggling to get jobs.
The financial
wellness groups
A general downward shift away from financially well to the lower financially unwell groups was experienced
in 2020.
Women
She may or may not be the head of the household, but she is at the forefront of her household’s money management and therefore has an insight into their financial matters.
Momentum Unisa Household Financial Wellness Index
The Financial Wellness Index and the financial
wellness groups
Mental bandwidth
Mental bandwidth was challenged during 2020. Not only did 2020 entail health and life risks, but national lockdowns reduced many freedoms such as the freedom of movement and to purchase goods.
A decade
of partnership
The Momentum Unisa Household Financial Wellness research project is now in its 10th year. Here's some of the key learnings from the previous years’ research.
Side hustle
The Momentum Unisa Household Financial Wellness Index revealed that an estimated 14% (2 639 126) of households obtain an additional income from a
side hustle.
7 habits of money savvy households
At Momentum we believe that every South African deserves to have access to information and advice to support them on their journey to financial success. We encourage you to take the first step towards your successful financial future by adopting the 7 habits of money savvy households.
Momentum and Unisa celebrate 10 years of successful partnership
For the last 10 years, the Momentum Unisa Household Financial Wellness Index has been giving South African’s practical tips from experts to empower them to get serious about their finances and gain momentum with their financial goals..
Since 2012, Momentum and Unisa have partnered on various projects to provide credible research insights into the state and success of household and consumer finances in South Africa. This purposeful collaboration includes:
- Momentum UNISA Household Financial Wellness Index (FWI)
- Momentum UNISA Household Wealth Index (HWI)
- Momentum UNISA Consumer Financial Vulnerability Index (CFVI)
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