FinScope South Africa 2012 Consumer Survey. October 30 th 2012
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1 FinScope South Africa 2012 Consumer Survey October 30 th
2 Contents 1 Who we spoke with 4 2 What has changed since 2004? What do people s lives look like today? 3 And what about people s financial lives? Banking Credit Savings Insurance 2
3 Contents 1 Who we spoke with 4 2 What has changed since 2004? What do people s lives look like today? 3 And what about people s financial lives? Banking Credit Savings Insurance 3
4 FinMark Trust and FinScope SA FinMark Trust is an independent trust with the purpose of Making financial markets work for the poor across Africa in order to increase access to financial services for the unserved and underserved that ultimately lead to the development of inclusive financial systems that can benefit all people Where: 16 African countries, including South Africa. Objective: To measure and profile levels of access to and use of financial services by all adults in South Africa, across income ranges and other demographics, in order to inform stakeholders. FinScope SA is an annual representative study of the demand for, usage of and access to financial services in South Africa. The FinScope SA survey is used to better understand money matters in South Africa, with an emphasis on the market needs and attitudes to both informal and formal financial offerings and usage. The FinScope SA survey further sheds light on consumers and behaviour by exploring individuals interactions with the financial sector as a whole 4
5 2012 South African syndicate members The syndicate members form an integral part of the FinScope SA questionnaire design and offer valuable insight into consumer demand behaviour The syndicate members also use the annual FinScope SA results to develop new products or processes and to enrich the overall objective of increasing financial inclusion in South Africa 5
6 Sampling and methodology Respondent profile Universe: Adult population in South Africa South African residents 16 years and older Coverage and methodology Fieldwork conducted from May 2012 to July 2012 Questionnaire translated into isixhosa, isizulu, Sesotho, Setswana, Sepedi and Afrikaans interviews conducted by TNS Sample and fieldwork validation Nationally representative sample (weighted / benchmarked to Stats SA 2011 mid-year population estimates) 6
7 Contents 1 Who we spoke with 4 2 What has changed since 2004? What do people s lives look like today? 3 And what about people s financial lives? Banking Credit Savings Insurance 7
8 South Africa is a country of extremes 41% of adults in SA are younger than 30 21% in LSM 1-4 R1 000 PMI LSM breakdown 52% in LSM 5-6 R1 800 PMI 26% in LSM 7-10 R8 000 PMI m 1.5m 4.5m 8.6m 9.1m 3m 1.8m 2.4m 1.7m Age n= LSM 1-2 LSM 3 LSM 4 LSM 5 LSM 6 LSM 7 LSM 8 LSM 9 LSM 10 Sources of money 29% of adults work fulltime 15% work part-time Money from others Government grants Don t get money 7 8
9 and impoverished pockets still persist TOTAL adults in SA 33.7 million No tap water in home or on stand 4% 4% 10% No toilet facilities in home No electricity in home Tough circumstances = 21% of South Africa (7.2m adults) LSM 1-2 in SA (adults) million million LSM 3-4 in SA (adults) No tap water No toilet No electricity 23% 27% 88% No tap water No toilet No electricity 14% 11% 30% 62% of this group live in tribal lands. 45% are younger than 30. Only 21% get salaries or wages. 9
10 Impoverished pockets take twice as long to access basic facilities Public transport Supermarket ATM Petrol station or garage Post office Bank branch Social grant ID point Insurance branch Average South African LSM
11 South Africans are generally positive about their lives There are concerns over personal educational achievement as well as social capital. 67% People are positive about claim they are in perfect health 61% believe they will achieve their goals in future People are concerned about Only 41% are happy with their level of education 60% expect their life to be better in 2 years time 53% are happy with their current lifestyle Only 37% Can rely on neighbours to help out 11
12 A young population who are dependent on others No high school No high school No high school % of year-olds get government grants and 47% get money from others Some high school 41 Some high school 40 Some high school 40 Matric 46 Matric 37 Matric 27 Personal Monthly Income Mean PMI is R3 000 Post-matric 7 Post-matric 14 Post-matric 13 For year-olds, it is R1 500 Youth are positive about 74% claim they are in perfect health 68% believe they will achieve their goals in future 68% expect their life to be better in 2 years time 12
13 Contents 1 Who we spoke with 4 2 What has changed since 2004? What do people s lives look like today? 3 And what about people s financial lives? Banking Credit Savings Insurance 13
14 More people have been brought into banking in Banked Formal other (non-bank products) Informally served only Not served 2012 ( ) 2011 ( ) 2010 ( ) Banked Formal other (non-bank products) Informally served only Not served
15 Almost 40% have a product portfolio stretching across the strand Banked only 0.7m = 2% 2% 24% Banked and Formal 8.2m = 24% 22% store card 21% formal funeral 17% formal retirement 13% life insurance 10% asset insurance Banked and Informal 0.5m = 1% 91% burial 10% savings club 1% Informal only 2.7m = 8% 61% burial 11% stokvel 29% use loyalty points Banked, Formal and Informal 13.1m = 39% 52% burial 34% formal funeral 22% life insurance 35% formal retirement 24% savings clubs 15% credit card 8% 3% NOT SERVED 6.5m = 19% 3% Formal only 0.9m = 3% 8% store card 25% buy on credit from store Formal and Informal 1m = 3% 50% burial 24% stokvel 16% store card 15
16 Banking up 4 percentage points Banked has Mzansi usage dropping due to other product migration 69% of women are banked increased from 63% to 67% Banking 7% of adult SA population are unbanked social grant recipients 75% of social grant recipients are banked, up from 60% in % of adults in SA have a SASSA MasterCard 16
17 We need to get people to deepen engagement with banking High Full service banking 9.6m Avg. personal monthly income R7 600 Attitudes to banking 52% agree that it only makes sense to have bank a/c if get money regularly and reliably; 36% banking fees too expensive Monthly cash withdrawal at store till using bank card / Prefer bank card purchases to cash 5.8m R % take out all money as soon as deposited Do NOT withdraw all at once every month 3.4m R % unsure which bank account best; 8% too complicated to open bank a/c Basic banking withdraw all at once every month 3.7m R % unsure which bank account best Unbanked 11.2m R % not enough money for bank account; 22% unsure which bank account best; 18% too complicated to open bank a/c Low
18 26% claim to be borrowing 26% 15% 12% claim to borrow from formal places or have formal cards or credit facilities claim to borrow from informal places claim to borrow from family or friends 76% don t like borrowing money 43% embarrassed to borrow 22% would go to a mashonisa as a last resort Of those who do borrow, 32% claim that this is to buy food - lower income skew 18
19 There is a desire to borrow to start a business High Avg. personal monthly income Other borrowing Borrowing attitudes Reasons for borrowing (definitely borrow for) Formal secured 2m R % house 35% car Cards or overdraft 5.7m R % friends or family 43% embarrassed if had to borrow 37% start own business 35% car Formal unsecured 1m R % store card 9% friends or family 74% easier to get loan if have bank account 16% considered seeking help with debt problems 45% house 41% for emergency 15% for wedding / lobola Informal borrowing 1m R % friends or family 20% often spend more than have 32% would borrow from mashonisa 41% start own business 34% for emergency 31% pay for friend s funeral Family / friends borrowing 2.2m R % for emergency 38% pay for friend s funeral Do not borrow 22m R1 300 Low 19
20 Personal obstacles to saving 25% claim they have enough money to save after covering all spending needs 48% worried won t have enough money for old age or retirement 83% of people do not own a retirement, pension or provident product Those without savings skew to unbanked and under 30 years old Those who cancelled savings products due to recession skew R income 4 in 5 of those who had cancelled a savings product said could no longer afford skew years, low education and low income 20
21 High Tradable investments (shares etc.) Deposit or call a/c Education, investment or endowment policies Retirement policies Informally served savings Saving with others or keeping money at home Long-term savings opportunity amongst formal savers 0.7m 1.7m 1.4m 3m 2m 1.7m Avg. personal monthly income R R9 000 R R8 500 R1 800 R2 000 Avg. monthly savings R1 900 R1 200 R1 200 R700 R330 R350 Other savings products 37% deposit a/c 59% pension fund 43% retirement annuity 55% pension fund 10% stokvel Key priorities (extremely important) 49% buy house / car 36% pay back loans 50% pay school fees 34% pay back loans 38% buy house 27% pay back loans 43% pay funeral 43% buy house / car 52% pay funeral 52% pay funeral 26% buy clothes Key barriers to formal insurance for those without 40% no life insurance due to affordability 14% no reason for no HH insurance 14% do not want HH insurance 20% no reason for no HH insurance 22% don t want HH insurance 21% no HH insurance because premiums too high 45% find language used in financial paperwork confusing 11% no HH insurance because cheaper to selfreplace Not served savings 22.7m R1 400 R80 Low 21
22 Burial and funeral cover dominates insurance 12% 10% have life cover have medical cover 28% covered by burial society 10% funeral cover through funeral parlour or undertaker 7% 8% have funeral cover with insurance company have funeral cover with bank Reasons for no funeral cover: Higher income or educated people say family will look after funeral Low LSM or income cannot afford 60 years + too poor Reasons for no life insurance: Low income earn too little Older people prefer funeral or burial cover People earning R3 000 to R8 000 don t believe / never thought about / don t want Note: All figures quoted for direct cover in own name. Indirect cover not included in these figures. Reasons for no household contents insurance: People earning R premiums / costs / fees are too high 1 in 5 university-educated say don t want it 1 in 5 earning R1 000 to R3 000 say earn too little 22
23 Low take-up of formal retirement amongst non-salaried R2 000 R6 000 personal monthly income R6 000 R8 000 personal monthly income Life insurance Pension fund Retirement annuity Life insurance Medical aid Pension fund Retirement annuity Salaried (n=375) Non-salaried (n=192) Salaried (n=103) Non-salaried (n=33*) R8 000 R personal monthly income R personal monthly income Life insurance Medical aid Pension fund Retirement annuity Household contents Loan from a bank Life insurance Medical aid Pension fund Provident fund Salaried (n=238) Non-salaried (n=61) Salaried (n=99) Non-salaried (n=27**) * Caution: small base size ** Caution: very small base size 23
24 High Income, Medical, Disability & Life Others with income Others with medical Others with disability Others with life Asset Formal funeral Burial Not served Low Scope for targeted education and selling of income cover and more extensive retirement 0.4m 0.6m 2.2m 0.6m 1.3m 0.6m 4.5m 5.7m 17.8m Avg. personal monthly income R R9 000 R R R6 000 R6 500 R2 700 R1 700 R1 200 Other insurance 79% asset products 84% formal funeral 33% medical 49% life 66% asset 70% life 70% life 56% asset 67% formal funeral 41% formal funeral 67% burial Key priorities (extremely important) 62% money for old age / retirement 52% pay school fees 64% provide for family if pass away 60% money for old age / retirement 49% provide for family if pass away 34% old age / retirement 61% provide for family if pass away Note: All figures quoted for direct cover in own name. Indirect cover not included in these figures. Key barriers to insurance takeup 31% no HH insurance because don t trust pay-out 21% no HH insurance because value of things too low; 14% no HH insurance because don t believe in insurance; 29% no life insurance fear missing payment and losing money paid 18% don t want HH insurance; 18% no HH insurance because fees too high 15% no HH insurance because excess too high 24
25 Contents 1 Who we spoke with 4 2 What has changed since 2004? What do people s lives look like today? 3 And what about people s financial lives? Banking Credit Savings Insurance 25
26 Banking, funeral cover and formal retirement products are star performers 67% 2004 % 2012 % 46% 5% 8% 26% 28% 20% 15% 6% 9% 10% 6% 9% 12% 11% 11% 13% 7% Banked 13m 22.5m Credit card 1.5m 2.6m Formal funeral cover 4.2m 8.7m Burial society membership 6m 9.5m Retirement annuity 2.1m 3.1m Provident fund 1.8m 3.5m Pension fund 2.7m 4m Stokvel, savings or investment club membership 2.1m 3.6m Life insurance 3.2m 3.9m Another 3% of adults in South Africa claim to have life insurance through someone else Note: All figures quoted for direct cover in own name. Indirect cover not included in these figures. 26
27 Asset and medical insurance has remained stagnant 2004 % 2012 % 10% 10% 4% 4% 5% 5% 7% 7% 18% 18% 2% 3% Medical aid 3m 2.8m Disability insurance 1.3m 1.5m Household contents insurance 1.7m 1.6m Vehicle insurance 2.1m 2.3m Store card 5.1m 6m Personal loan from bank 0.5m 1.1m Another 2% of adults in South Africa claim to have medical aid through someone else as do another 2% for household contents insurance and the same for vehicle insurance Note: All figures quoted for direct cover in own name. Indirect cover not included in these figures. 27
28 What stands out in FinScope 2012? No electricity Key challenges to deepening financial engagement Accessibility to impoverished pockets still remains a challenge Complex interplay of defined income against needs insurance vs. savings vs. borrowing Formal and informal channels coexist and play different roles in people s lives Highly dependent young population Better use of existing infrastructure and touchpoints to reach people e.g. stokvel, burial, churches, post office, retail to extend appropriate products and mechanisms to consumers Focus on innovation in servicing dual economy split between traditional and non-traditional income streams 28
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