You’ve Earned It
ran a Retirement/Financial planning survey in February 2023 and the results were fascinating.
Your valuable insights regarding your needs and wants are critical in informing YEI as to what products and services best meet your needs and how YEI can provide a more relevant service to South African 60-plussers.
Thank you for your keen participation – it was great to read your responses.
We surveyed just under 300 respondents, between the ages of 60 and 84, 44% from the Western Cape, 30% from Gauteng, 12% from KZN and the balance from the other provinces. The survey revealed the following:
- This shows us that a massive 30% of over 60’s surveyed are employed in one way or another and a further 10% are looking for employment, while 12% surveyed are SASSA pensioners. This indicates to us that Seniors are under enormous financial strain with most not able to retire completely.
- We also asked if you are working with a Financial Planner or Advisor and 63% said they are.
- The results of the next two questions were interesting and they showed that S.A Seniors do not provide assistance or receive much financial assistance from family, 72% of you said you do not give assistance and 87% said that no financial assistance is received from family.
- The source of income from living annuities was 32% of respondents and 10% of respondents income was from life annuities while 25% was from other investments made. 30% of you indicated that no income was received as a result of retirement savings or investments.
- Respondents indicated that they are currently investing as follows:
- Investment property 10%
- Equities 13%
- Managed funds 22%
- Property trusts 1%
- Annuities 21%
- Other 20%
- 40% of respondents indicated that they were confident that their retirement income or savings would be able to cover monthly expenses while 42% were not confident and a further 19% were unsure. This indicates to us that Pensioners in South Africa are really feeling the pinch of the continued trend of financial uncertainty in the world today.
- 36% of respondents indicated that their most important financial consideration was that their retirement income must continue for as long as they live and a further 23% said that they wished for their retirement income not to be affected by investment markets and a further 19% wanted their retirement income to keep up with inflation.
- 77% of you indicated that you want to see more articles on Retirement/Financial Planning – pre-retirement and in retirement, so You’ve Earned It will continue to source articles on these topics.
All in all, the results of this survey gave us some fascinating insights into the mind of the S.A senior with regards to Retirement/Financial planning.
Thank you to JustSA for sponsoring not only these surveys but the prize in the form of a grocery voucher. The winner of which will be drawn shortly and announced on our website and Facebook page.
CLICK HERE TO READ MORE: Financial wellbeing: What is important to you in retirement and what can you do about it?
CLICK HERE TO READ MORE: An insight into certain lifestyle aspects of South African over-60s
NEXT SURVEY – Health and Wellness
The next survey is happening NOW, and related to your Health and Wellness. We would really appreciate hearing your views – click here to complete
This is an extremely important survey, the results of which will be shared in due course.