WHAT IS THE SAVINGS & INVESTMENT MONITOR?

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1 July 2015

2 WHAT IS THE SAVINGS & INVESTMENT MONITOR? Annual Survey Metro Working South Africans Saving & Investment Behaviours & Attitudes

3 METHODOLOGY MAIN SURVEY Tracking study to look at trends Weighted to the SA working metro population (AMPS) Face-to-face interviews Conducted by independent research house, Peppercorn Research

4 HISTORY OF THE SAVINGS & INVESTMENT MONITOR Stokvels Women Youth Debt & Z-Generation Nov 2009 Nov 2010 Nov 2011 Nov 2012 July 2014 July 2010 July 2011 July 2012 July 2013 July 2015 Public Sector Baby Boomers & High Income Market

5 DEFINITION OF SAVINGS & INVESTMENTS Putting money away Holding back on spending into sav ings accounts, policies & inv estments and using that money to pay debt faster, like putting extra into your home loan

6 THE CONTEXT Unemployment 26.4% Low GDP growth forecasts Consumer Confidence Index - 15 in Q Business confidence has also declined

7 EDUCATION INFLATION RATE Tracking study to look at trends Weighted to the SA working metro Face-to-face interviews

8 LOADSHEDDING AND THE EFFECTS ON HOUSEHOLDS 92% claim to have bought additional lights/torches 44% are using more gas 21% of upper income households have installed a generator 19% of upper income households have installed an alternative water heating system

9 MAIN SAMPLE Representative of Working, Metropolitan Households

10 DETERIORATION IN MINDSET ABOUT FINANCES Confidence in making financial decisions (out of 10) Satisfaction with current financial situation (out of 10)

11 SAVING LESS THAN A YEAR AGO % 38% 36% 36% 37% 33%

12 % OF INCOME SPEND BY WAVE 18% 21% 20% 14% 15% 6% 5% 8% 7% 7% 15% 12% 17% 16% 15% Savings Insurance & Medical Aid Debt Consumption / Living Expenses 57% 55% 58% 65% 68%

13 SAVINGS OBJECTIVES

14 SAVINGS OBJECTIVES Children s education (based on parents) 51% 50% 33% 32% 32% Emergency expenses 42% 39% 39% 43% 44% Retirement / old age 41% 35% 37% 37% 42% Funeral expenses 29% 26% 30% 37% 53% Home improvements 21% 17% 22% 16% 14% Car / vehicle 20% 20% 27% 13% 13% Deposit on a home 18% 22% 20% 9% 9% Medical expenses 13% 13% 13% 12% 17% Holiday 13% 11% 12% 10% 7%

15 SAVINGS & INVESTMENT VEHICLES USED

16 SAVINGS & INVESTMENT VEHICLES USED 80% 70% 60% 50% 40% 30% 20% 10% 0% Banked cash savings Funeral policies Life assurance / death & disability cover Pension / provident fund Education policies RA Informal savings (Black) Have neither pension / provident nor RA

17 SAVINGS & INVESTMENT VEHICLES USED (R40k + HH) 40% 35% 30% 25% 20% 15% 10% 5% Unit Trusts 0%

18 DO NOT SAVE FOR CHILDRENS EDUCATION 60% Based on Parents

19 HAVE NEITHER PENSION/PROVIDENT NOR RA 73% 37% 29% 20% 12% <R6k pm R6-14k pm R14-20k pm R20-40k pm >R40k pm 2015 Household Income

20 20 PROPERTY AS A NEST EGG RESEARCH UPDATE EDITION 10 25% 29% 26% 35% I will rely on my property to fund all/part of my retirement

21 INFORMAL SAVINGS Stokvels Burial Societies Grocery Schemes % of informal savers are black (based on black households)

22 MAIN REASON FOR BELONGING TO A STOKVEL Forced saving I was unable to save on my own, so I joined a stokvel. Saving with a group creates pressure. It s an easy and cheap way of saving I do not have to fill in a form and get credit checked. Money is readily available for unexpected expenses. There are no hidden costs. Belonging & Support It s like having you own standby support system in a crisis. You meet new people and make friends and have more fun while waiting to get your investment back. It gives (based women on empowerment. black households)

23 INCIDENCE OF BELONGING TO MORE THAN ONE STOKVEL 19% 29% 44% 39% 41% <R6k pm R6-14k pm R14-20k pm R20-40k pm >R40k pm 2015 Household Income

24 REASONS FOR BELONGING TO MORE THAN ONE STOKVEL They serve different purposes (eg. funerals, birthdays, savings, etc) Different social networks (eg. work, personal friends, family, etc) Different payment time periods (eg. monthly, annually, etc) Larger sums of money received by belonging to multiple stokvels (based on black households)

25 INFORMAL SAVINGS STOKVELS Contribution amounts (R) Overall Less than R6k R6k R R14k R R20k R R40k July 2014 July 2015 (based on black households)

26 DEPENDENCY

27 DEPENDENCY ON CHILDREN My children should look after me when I am old 26% 34% 40% 38% 39% 41%

28 DEPENDENCY ON GOVERNMENT The government will take care of me if I am unable to take care of myself 30% 32% 38% 31% 32% 36%

29 PLANNING TO SUPPORT FAMILY/PARENTS IN FUTURE % 48% 48% 50%

30 THE OLD MUTUAL SANDWICH GENERATION INDICATOR 20% 23% 21% 23% 25%

31 SANDWICH GENERATION 21% 26% 24% 21% 22% 21% 22% 30% 30% 28% 24% 25% 15% 17% 16% Less than R6k R6k R R14k R R20k R R40k Monthly Household Income

32 SANDWICH GENERATION 18% 19% 22% 24% 30% 29% 18% 16% 17% Gen Y Gen X Baby Boomers

33 DEBT

34 DEBT 63% 62% 65% 63% 29% 29% 16% 17% 33% 20% 29% 16% At least one credit card At least one store card Personal loan from a financial institution

35 BUT BORROWING MORE FROM FAMILY / FRIENDS 13% 12% 18% 9% 12% Age 8% And 45% repay only when they can / irregularly! 5% 5% 4% 5% 4% 3% 1% 4% 0% Less than R6k R6k R R14k R R20k R R40k

36 DEBT : PERSONAL LOANS FROM A FINANCIAL INSTITUTION Less than R6k pm R6k R pm R14k R pm R20k R pm R40k+ pm 10% 20% 16% 18% 15% July 2015

37 OVERDUE DEBT AND PAYMENTS % who claim they have overdue debt (excluding those with NO debt) 31% 18% 19% 18% years years years 50+ years July 2015

38 CREDIT CARD AND STORE CARD PAYMENTS Credit Card Store Card R835 R550 R0 <R6k R6 R14k R14 R20k R323 R526 R635 R1261 R20 R40k R972 R1981 >R40k R1538 Monthly Household Income

39 ABILITY TO HANDLE UNFORESEEN EXPENDITURE (R6k R HH pm) R1 000 R R Pay with a credit card 7% 6% 3% Take out a personal loan from an institution or micro lender 3% 26% 51% Borrow from a friend / relative 31% 17% 2% Borrow from my stokvel 8% 9% 4% USE SAVINGS 50% 34% 8% WOULD NOT BE ABLE TO HANDLE IT 0% 5% 30% Will need to borrow 42% 52% 57%

40 ABILITY TO HANDLE UNFORESEEN EXPENDITURE (R20k R HH pm) R1 000 R R Pay with a credit card 25% 27% 13% Take out a personal loan from an institution or micro lender 1% 11% 34% Borrow from a friend / relative 12% 12% 9% Borrow from my stokvel 5% 8% 5% USE SAVINGS 51% 39% 25% WOULD NOT BE ABLE TO HANDLE IT 0% 2% 11% Will need to borrow 18% 31% 46%

41 MAIN SOURCE OF FINANCIAL INFORMATION Bank Consultant Word of Mouth 28% 28% I don t have enough money Financial Adviser 18% Main reason for not consulting a financial adviser 22% claim to have a relationship with a financial adviser

42 WHAT WOULD YOU DO WITH A WINDFALL OF A MONTHLY SALARY? 74% 67% 35% 41% 29% 31% 21% 16% 14% 15% 4% 4% Spend it (or part of it) Pay off short/ med debt Invest in shorter term Invest in longer term Give to children Put into bond (have a bond)

43 Z-GENERATION

44 Z-GENERATION Focus on those aged years and earning money (work full time or part time) 400 were interviewed 22% 23% 27% 47% Married/Living Together Dependent children Other dependents Live at home with parents

45 THEIR WORKING LIFE For 50% this is their first job 48% are totally financially independent Average income of full time employed R8,900 pm Base: Employed full-time

46 THEY ARE TECH-SAVVY AND CONNECTED I am very comfortable using different types of digital devices I like to own products that are the most technologically advanced I am actively involved in more than one online social network I frequently use the internet for entertainment purposes I prefer to do as many of my transactions online as possible 72% 84% 81% 81% 95% Base: Employed full-time

47 THEY ARE MATERIALISTIC 69% 57% 57% 51% It is worth paying a higher price for a well known brand I gain confidence in having material possessions yrs yrs Base: Employed full-time

48 MANAGING FINANCES 40% believe that they are very knowledgeable about their finances 41% claim to be managing their finances well Satisfaction with current financial situation: 3.8 (mean score out of 10) Despite this, the vast majority 85% are optimistic about the future Base: Employed full-time

49 SAVINGS VEHICLES (full time employed Z-Gen s) Pension / provident fund Funeral policies Banked cash savings Risk Protection RA Unit trusts 12% 21% 28% 26% 25% 34% Why don t they contribute towards any retirement savings? I can t afford it I m too young to be thinking about the later finances of my life I have not been introduced to this yet Base: Employed full-tme

50 WHAT ARE Z-GEN S SAVING FOR? (full time employed) 84% electronics 43% car 63% home appliances 12% motorcycle 63% furniture 12% property Base: Employed full-time

51 PARENTS TAUGHT THEM THE MOST ABOUT FINANCES 63% say that their parents taught them the most about money and how to manage their finances but currently spouse/girlfriend/boyfriend, siblings, friends/peers are having a major influence Base: Employed full-time

52 POSITIVE SIGNS OF GOOD MONEY MANAGEMENT If you received a bonus of R10,000 what would you do with it? Other Give to children / help out other family member Spend it Invest in long-term or retirement savings 5% 4% 14% 16% 33% 28% Invest in short-term savings and investments Pay off short- / mediumterm debt Base: Employed full-time

53

OLD MUTUAL SAVINGS & INVESTMENT MONITOR RESEARCH UPDATE EDITION 8 JULY 2013

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