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By Tshehla Cornelius Koteli

Business journalist


How people’s heritage shape their money habits

'The findings suggests that while personal experiences play a crucial role, the foundation of these experiences is often rooted in family-based financial education.'


A person’s behaviour often mirrors the traits of the people who surrounded them when they were growing up. At times, the behaviour is influenced by someone they look up to.

 When it comes to financial beliefs and behaviours, a study by Capitec revealed that 75% of their respondents said they were influenced by their mothers.

Capitec says this highlights women’s pivotal financial education role within families, acting as primary influencers in shaping saving and spending behaviours.

The study is based on how the South Africans’ heritage shapes who they are, and how they spend and manage their money.

Family tax

Asha Patel, head of Brand and Communications at Capitec says the survey revealed that 16% of the respondents still support their extended family financially.

“This finding points to the reality of the informal social contract of ‘family tax’ in our society.”

She adds individuals often support extended family beyond immediate family members, influencing financial responsibilities and priorities.

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Saving methods

More than half of their respondents said their family members make use of traditional savings methods like stokvels.

However, 18% of the respondents revealed their families hid money at home as a saving method. Patel sees this as a method that speaks to limited access to financial services in some communities

“In contrast, 23% of respondents grew up with families that used bank accounts for savings, indicating a gradual shift towards formal financial systems.”

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The generational transfer of financial habits

When asked how much their family’s approach to saving has influenced their current financial habits, half of the respondents said “very much”, only 12% said “somewhat”, and 9% said “not at all”.

“This finding points to the powerful generational transfer of financial practices and beliefs within South African families, and how financial behaviours are inherited and passed down through generations.”

66% of the respondents said financial habits are influenced by personal experiences, while 11% said it is due to family traditions.

“The findings suggest that while personal experiences play a crucial role, the foundation of these experiences is often rooted in family-based financial education.”

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Blending traditional practices with modern solutions

52% of respondents said they still participate in stokvels as a result of their family financial practices. 23% of the respondents said they still save money at home, despite modern saving methods being present.

“49% of participants use traditional and modern approaches in their financial decision-making. Only 25% have adopted mostly modern financial strategies, and 17% rely primarily on practices they have learnt from their family or culture.”

Patel says the findings of the survey show that people have not entirely abandoned traditional practices. What people do is adapt and combine traditional practices with new technologies and banking services to meet their financial goals.

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