Research: Banking habits and attitudes in South Africa
The bulk of young, digitally-connected people in South Africa want banks to provide them with more financial education to enable them to manage their money better. This is according to the first banking habits survey conducted by market insights agency, Brands Laduma.
While the 18-to-24 year category showed a 44% inclination towards using their peer and family groups to assess available financial products, and the 25-to034 year category showed a greater financial awareness, across both age groups the need for greater financial education measured at a significant 90%.
“The survey suggests very strongly that people still rely heavily on the opinions of friends and family when choosing their banks,” says Brands Laduma research manager, Piet Geustyn. “Even though this community support is important, there is a much greater need for better financial information, so people can make better-informed choices.”
While digital innovation is giving consumers more ways of accessing their bank accounts, up to 57% of the surveyed people preferred direct contact with another person when finding out about new financial products, or just expanding their financial education.
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