Ramaphosa, is that you? 64 percent of South Africans are keeping cash out of the bank
Why 64% of South Africans are opting to keep their savings in cash instead of in banks.
More South Africans are opting to keep some of their savings in cash rather than in banks or formal investments, according to the latest Old Mutual Savings & Investment Monitor. This shift is evident, with the percentage of working South Africans with unbanked cash savings rising from 53% in 2025 to 64% in 2026. The increase is most pronounced among younger and higher-income consumers.
An overwhelming 80% of those aged 18 to 29 have unbanked cash savings, while 69% of those earning over R30,000 a month keep some of their savings in cash. Convenience and safety at home are cited as key reasons for keeping cash, with 56% of consumers mentioning convenience and 39% citing safety as their primary reasons. Despite the benefits, 47% of working consumers admit to dipping into their savings to make ends meet.
Stokvels, a form of informal savings and borrowing groups, are also playing a significant role in South Africans' saving habits. Their usage among the Black consumer market has risen from 53% to 56% in 2026, driven by Black South Africans earning R30,000 and more. The number of stokvels held has decreased, but average monthly contributions remain unchanged.
Written by urgent.news from IOL's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
