South Africans know how to make a little go a long way. From the queues at taxi ranks to the buzz of township markets, ordinary people are hustling, saving, borrowing and creating opportunities wherever they can.
The latest Old Mutual Savings & Investment Monitor (OMSIM) reveals that while the economy is tough, South Africans are not deterred. They are adjusting, finding ways to save, cutting back on debt, and building businesses, often from nothing.
These small, personal decisions might not grab headlines, but they tell a bigger story about resilience and resourcefulness. And they remind us that if we want to talk about financial inclusion, we need to listen to these everyday voices.
Savings: a determined but fragile effort
Saving has become a non-negotiable priority for many households. On average, South Africans are setting aside 22% of their income for savings, often through stokvels, savings clubs, or other informal channels. These methods offer not only financial discipline but also a sense of community solidarity.
But the fragility of these savings is clear. Too often, money set aside is redirected to cover unexpected costs or drawn down early from retirement funds. This cycle reflects the tension between determination to plan for the future and the daily reality of keeping households afloat. The intent is strong but without stability and support, savings remain vulnerable.
Progress mixed with pressure
Debt remains an anchor for many, but the OMSIM data suggests small shifts in the right direction. More than half of respondents (57%) say they have reduced their debt in the past year, while a third (32%) have taken the step of negotiating new terms with creditors. These figures point to a growing mindfulness of the need to take action, not just cope.
Yet financial stress is never far away. The rise of gambling as a way to cover shortfalls is a concerning signal of desperation. For some, it has become a coping mechanism rather than entertainment. This underscores the need for more accessible, fair, and transparent debt solutions that give households a chance to regain control without resorting to high-risk behaviour.
Turning hustle into survival
If savings are fragile and debt is heavy, entrepreneurship is the spark that keeps many going. Entrepreneurship is no longer confined to those chasing big start-up dreams; it has become a lifeline. Nearly 48% of employed South Africans now own or co-own a business, and many rely on side hustles, gig work, or freelance jobs to supplement their main income.
Nearly 48% of employed South Africans now own or co-own a business, and many rely on side hustles, gig work, or freelance jobs to supplement their main income
This shift tells a powerful story about resilience and creativity. South Africans are finding opportunities where they can, often turning limited resources into a steady income.
But the challenges remain: lack of access to finance, complex regulatory hurdles, and limited formal recognition all constrain the potential of these businesses. The hustle economy is alive, but it needs an environment that allows it to thrive.
A future built on listening
The OMSIM findings prove that South Africans are not passive players in the economy. They are saving against all odds, trimming debt where they can, and creating businesses from sheer determination.
What they need is recognition and support, not just from banks and financial institutions, but from policymakers who must design frameworks that reflect real lives.
If inclusion means anything, it must start with listening. South Africans have already shown they are willing to adapt, hustle, and dream. Now it’s time for those in power to listen to the voices of ordinary citizens so that the policies crafted are as resilient, resourceful, and ambitious as the people they’re meant to serve.
Add Your Voice: Making ordinary stories count
Too often everyday South Africans are left out of the conversations that shape economic policy. That is what Add Your Voice aims to change.
Launched by Old Mutual as part of its partnership with the B20, this ongoing campaign invites South Africans to share their financial stories, their worries, their coping strategies, and their dreams via a dedicated platform on WhatsApp (082 690 5619) and Old Mutual’s Facebook page.
• A premier platform for global co-operation, the G20 aims to address the world’s most pressing financial, political and social challenges.
• The G20 Presidency rotates annually among its members, which include the African Union, European Union and 19 countries. This year SA has taken the reins.
• B20 is the official forum through which business voices feed into G20 discussions. The B20 Summit is taking place from November 18 to 20 in Johannesburg.
— Good to know
The goal is to make sure ordinary voices reach the rooms where big economic decisions are made. It’s not about selling products. It’s about connection between citizens and policymakers, between everyday realities and global conversations about inclusion.
Add Your Voice is about ensuring that citizens’ lived experiences aren’t invisible footnotes, but real inputs into shaping a fairer financial system.
While organised business has handed over its recommendations to the G20 via B20, Old Mutual encourages South Africans to have their say and be part of the policy building process.
After the public’s perspectives have been collated, they will be displayed at the Old Mutual stand at the B20 Summit in November and later handed over to the G20 Presidency for consideration to ensure the voices of South Africans are heard.
This article was sponsored by Old Mutual.
