17% of the respondents reported that being able to access credit when they need it contributes to their confidence.
For illustrative purposes. Picture: iStock
The 2026 Sanlam Financial Confidence Index (FCI) found that fewer respondents currently have several major credit products than a year ago, highlighting a notable shift in South Africans’ reported credit use. However, confidence continues to grow.
The 2026 index, released on Wednesday, 7 October 2026, was conducted in partnership with African Response, and surveyed 1 502 South Africans aged 20 to 70 who earn at least R1 000 a month.
Lee Hancox, head of channel and segment marketing at Sanlam, noted that the findings do not reveal what is driving the decline in credit products; however, they suggest that access to credit is not a major contributor to how respondents define financial confidence.
Fewer respondents have credit
The index revealed that home loan ownership fell from 21% to 14%, personal loans from 34% to 29%, bank overdrafts from 24% to 20%, and vehicle finance from 19% to 16%. Store credit, by contrast, remained steady year on year at 60%.
17% of the respondents reported that being able to access credit when they need it contributes to their confidence.
Meanwhile, the overall FCI remained broadly stable at 54, while financial wellbeing rose to its highest level since the study began, though it remains low at just 35.
Prioritises
Hancox said the findings suggest that respondents are prioritising financial protection over financial expansion.
“People are telling us that confidence comes from knowing they can cover their expenses, manage their debt and put something aside for the future. Access to credit is becoming less important than financial stability.”
The FCI tracks how South Africans feel about and manage their finances across three dimensions: Financial Self-determination, which measures goal-setting and financial behaviours; Financial Resilience, which looks at people’s ability to withstand financial setbacks; and Financial Wellbeing, which assesses the emotional side of money, including stress, security and confidence about the future.
Respondents’ relationship with money
The report revealed that financial wellbeing rose from 32 to 35, its highest in four years; however, even with the increase, it remains very low.
64% of the respondents said they feel in control of their day-to-day finances, while 49% believe they could cope with a major financial setback.
Financial resilience, which measures people’s ability to recover from shocks such as unexpected expenses or loss of income, slipped slightly from 58 to 57.
People are managing
Kele Boakgomo, behavioural scientist and CEO of Yugrow, said the findings suggest that people are getting better at managing pressure; however, “there is very little room for error.”
When asked what contributes most to financial confidence, respondents ranked a reliable income first (51%), followed by savings or an emergency fund (48%) and manageable debt (45%).
Access to credit came last at 17%. Among those who value credit, most saw it as a safety net for emergencies rather than a way to fund a lifestyle.
“The data suggests people are adapting to difficult circumstances, becoming more deliberate about financial decisions and focusing on what they can control. But many households remain vulnerable when something unexpected happens,” said Boakgomo.
Intentional about how to use money
“Financial security can mean different things to different people, but it’ll remain out of reach for as long as one doesn’t have a plan and a day-to-day approach to that plan,” said Tshepo Mogotsi, group head of brand at Sanlam.
Across income groups, respondents said they consistently prioritised groceries, school fees, insurance premiums and transport costs ahead of discretionary spending. Eating out, travel and entertainment were among the first expenses to be cut when money became tight.
Findings suggest South Africans are becoming more intentional about managing their money. 74% of the respondents said they understand their financial knowledge gaps, while 65% have written financial goals.
However, only 43% actively track those goals, suggesting a gap between good intentions and consistent action.
Confidence among respondents grew
The report found that Gen Zs (1997 – 2012) recorded the highest overall financial confidence score (61) and the highest self-determination score (73).
Around eight in ten Gen Z respondents have written down financial goals, and the generation is more likely than older South Africans to focus on improving earning power and seeking financial advice. Yet confidence does not always translate into peace of mind.
While Gen Z leads the confidence rankings, Baby Boomers (1946 and 1964) recorded the highest wellbeing score at 41, compared with 35 for Gen Z.
Limpopo and Mpumalanga recorded the highest overall financial confidence scores in the country, each at 60, ahead of Gauteng (55) and the Western Cape (49).
Gen Z respondents were more likely than Baby Boomers to own stocks and shares (36% versus 14%), investment property (27% versus 14%) and even livestock investments (34% versus 9%).
