Financial wellbeing means having enough money to meet daily needs as well as the freedom to move forward in life without insurmountable financial obstacles.
In its most basic form, financial wellbeing means being free from poverty but, at a deeper level, it is subjective by definition and can differ from person to person based on whether they have financial aspirations and priorities that are realistic and achievable.
To take a closer look at the country’s financial wellbeing, Wonga asked almost 8 000 South Africans about their current financial status, as well as their capacity and opportunity to achieve their future financial goals.
Wonga asked participants a series of questions pertaining to current income, level of education, ownership of assets like vehicles and property, as well as financial priorities and long term financial goals.
As Wonga CEO Brett van Aswegen explains, “We wanted to understand the average South African’s financial aspirations and whether, according to their current financial status and earning potential, they were likely to achieve their goals. We believed that this would provide interesting insight into financial wellness and the nation’s ability to overcome monetary constraints and progress in life.”
From earning large salaries to owning expensive cars and multiple properties, Wonga’s research shows that, as a nation, South Africans like to dream big. However, for many, their financial aspirations are not in-line with their financial priorities and the opportunities available for them to achieve growth.