Report reveals most respondents are financially confident and have fewer credit products
17% of the respondents reported that being able to access credit when they need it contributes to their confidence.
The 2026 Sanlam Financial Confidence Index (FCI) indicates that a majority of South Africans are experiencing increased financial confidence, albeit with fewer major credit products on average. The index, released on October 7, 2026, surveyed 1,502 individuals aged 20 to 70 earning at least R1,000 monthly. Home loan ownership decreased from 21% to 14%, personal loans fell from 34% to 29%, bank overdrafts declined from 24% to 20%, and vehicle finance dropped from 19% to 16%.
Conversely, store credit remained consistent at 60%. Only 17% of respondents cited easy access to credit as a contributor to their confidence. Sanlam's Lee Hancox stated that financial protection, covering expenses, managing debt, and saving for the future are now more valued by respondents than access to credit. Financial wellbeing, assessed across three dimensions, rose to 35, its highest level in four years, while financial resilience fell slightly to 57.
The index highlights that financial security remains out of reach for many due to a lack of a clear plan and consistent day-to-day approach. Gen Z respondents topped the confidence rankings with a score of 61 and the highest self-determination score of 73, while Baby Boomers recorded the highest financial wellbeing score of 41. Across income groups, respondents prioritized groceries, school fees, insurance premiums, and transport costs over discretionary spending, indicating a cautious approach to finances.
Written by urgent.news from The Citizen's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
