Cash is King: 64% of South Africans Keep Savings at Home

A growing number of South Africans are choosing to keep their savings in cash rather than relying on banks or formal investments, according to the latest Old Mutual Savings & Investment Monitor. The report reveals that the proportion of working South Africans with unbanked cash savings has surged from 53% in 2025 to 64% in 2026.

This trend is most pronounced among younger consumers and those with higher incomes. Eighty percent of individuals aged 18 to 29 reported having unbanked cash savings, while 69% of those earning more than R30,000 per month also kept some of their savings in cash. Convenience, safety, and avoiding fees are among the primary reasons cited by consumers for keeping cash at home.

Despite the increasing popularity of unbanked cash savings, many households still struggle to set aside money, with 47% admitting to dipping into their savings to make ends meet. Stokvels, or informal savings groups, continue to play a significant role in the savings habits of South Africans, with participation rising among the Black consumer market.

While the number of stokvels held has decreased, average monthly contributions remain unchanged. This shift is particularly notable among Black South Africans earning R30,000 and above, with stokvel participation rising from 50% to 62%. However, the example of President Cyril Ramaphosa's hidden cash stash at his Phala Phala game farm in Limpopo serves as a stark reminder of the risks associated with keeping large sums of unbanked cash.