Science of Success 2023
Think financial success happens by chance? Think again. Understand what it takes to succeed financially. Stay on the #SuccessIsAScience conversation to take control of your finances and learn how to:
- Clear your credit record and manage your debt.
- Use credit to your advantage.
- Turn past failures into success.
With the new year around the corner, now is an excellent time for you to start setting your new financial goals and creating a plan to meet those goals.
Give your money ambitions momentum. Follow the conversation on #SuccessIsAScience for tips and insights from entrepreneurs and money experts for inspiration.
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Success unlocked with
Steven Bartlett
Understanding the formula to success needs expert guidance. That’s why Steven Bartlett, host of the UK’s No. 1 podcast “Diary of a CEO”, graced our stage at this year’s Science of Success Festival to help many unlock their success. This “Happy Sexy Millionaire” knows what it takes to achieve your ambitions. Watch this space to learn what lessons he shared to help you unlock knowledge and unlock your success. #SuccessIsAScience.
Momentum X Unisa
Momentum and Unisa (University of South Africa) annual Household Financial Wellness Index results from a partnership of over 12 years. Every year, we provide expert-led and research-backed insights into the finances of South African households.
Some noteworthy insights from the latest Household Financial Wellness Index research found that while unemployment has decreased to 31.9%, many South Africans are seeking diversified income streams to survive the challenging economy, and 60% of employed people are looking for a side hustle in the next year.
Here’s the top 10 insights the report revealed.
Some noteworthy insights from the latest Household Financial Wellness Index research found that while unemployment has decreased to 31.9%, many South Africans are seeking diversified income streams to survive the challenging economy, and 60% of employed people are looking for a side hustle in the next year.
Here’s the top 10 insights the report revealed.
South African households
1. Purchasing power
Between 2021 and 2022, household purchasing power has seen a decline.
2. Financial literacy
5 out of 10 South Africans think they’re financially literate, but only 2 out of 10 actually are.
3. Calculating interest
1 in 3 households can correctly grasp the concept of simple interest and correctly calculate it.
4. Financial literacy by gender
Fewer females (12.9%) are financially literate than males (17.5%), but females are better in financial reasoning (57.9%).
5. Using savings for emergencies
The first place South Africans would access money for emergencies is from savings - yet South Africans have poor levels of voluntary savings.
6. Financial reasoning
1 in 3 SA households possess sound financial reasoning, but only 1 in 10 can correctly execute financial calculations.
7. SA graduates
Only 1 in 5 SA graduates are considered financially literate in SA, yet those between 25 and 34 are the highest percentage age group.
8. Wealth creation
The level of education and the ability to take control sets people up on their way to wealth accumulation.
9. Financially distressed hourseholds
The number of financially distressed households doubled between 2021 and 2022.
10. Financially well households
There has been a 2% increase of households to be considered financially well between 2022 and 2021.