[imagesource:befunky]
Most South Africans are stressed about money, but it seems that a large proportion of those laying awake at night fretting don’t know what to do about it, or even trust themselves to come up with a plan.
A recent study surveyed 1,500 respondents and looked at key behavioural finance indicators to assess their financial confidence. Safe to say, it’s not very encouraging reading.
A key finding in the survey is that a large portion of South Africans are disappointed with their financial circumstances, and yet feel like they have no idea how to tackle these issues effectively.
The authors of the study say, “Personal finances have a profound impact on human behaviour, influencing decision-making, lifestyle choices, relationships, and overall well-being. When individuals are financially confident, they are more inclined to experience a higher level of overall happiness and satisfaction.”
In other words, it sucks being on the precipice of financial ruin and not knowing how to fix your situation. This is an all-too-familiar question, not just for individuals, but for South Africa as a state.
“Benchmarking the level of financial confidence of South Africans is vital when driving financial education and empowerment initiatives. The public and private sector need to collectively work towards equipping individuals with the necessary tools to build financial confidence.”
So, how does Mzansi rate when it comes to our personal finances?
All told, it paints a bleak picture of how South Africans see their financial situation. Perhaps not so surprising is the generational gap in financial literacy among people older than forty. Only 17% did not feel unhappy about their current financial state, with feelings of stress, discomfort and hopelessness common among respondents.
It’s a burden many people bear unnecessarily. Personal finances can be a lot less stressful if you involve someone who has the expertise to advise you. In our case, we reach out to Galbraith & Rushby for financial advice. With their recent merger under 123 Consulting, the group has a wealth of expertise that more than makes up for any shortcomings in your own ‘financial literacy’.
When your car’s engine sounds unhealthy, it is better to have a professional look at it than lying awake worrying about whether you’ll make it to work the next day. Why not use the same approach when it comes to your finances?
[source:businesstech]
[imagesource:facebook/telegraph] Initial autopsies of four of the seven victims who die...
[imagesource: Tommie Benefield] The tumultuous marriage between the former ballerina an...
[imagesource:flickr] Writing headlines can be an interesting exercise if you work in a ...
[imagesource:facebook/gamesradar] Warner Bros. has released the first trailer for the n...
[imagesource:rawpixel] Having spent some time teaching in the modern classroom, I can s...