Building 'generational wealth' is a priority for 99% of South Africans, survey finds

Stephen Grootes speaks to Hayley Parry, Money Coach and Facilitator at 1Life’s Truth About Money about new survey findings showing how South Africans are redefining generational wealth in a tougher economic climate.

Listen to the interview in the audio player below.

South Africans are overwhelmingly focused on building wealth for the future, even as many continue to struggle financially.

According to the latest survey by 1Life Insurance, 99% of respondents say wealth creation is important to them.

People have different reasons for wanting to build wealth:

• 44% say it is essential to improve their family’s quality of life
• 28% want to leave a legacy for future generations
• 27% see it as a way to escape poverty

Even though many South Africans are under financial strain, their focus on building generational wealth remains strong. 

Speaking to Stephen Grootes on The Money Show, Hayley Parry, money coach and facilitator at 1Life’s Truth About Money, the survey shows a country that is still facing economic challenges, but is increasingly focused on long-term financial security.

"It's this elusive thing, because we want to get it right for ourselves, but often we really want to get it right for our kids to save them, perhaps some of the pain that we had ourselves in our financial journeys.

- Hayley Parry, money coach - 1Life’s Truth About Money

"The name of the game is not about how much you make, it's about how much you keep. And anything that goes into the savings pot or into the investment pot is part of that definition of making yourself personally profitable."

- Hayley Parry, money coach - 1Life’s Truth About Money

"99% of survey respondents say that wealth building is important to them, and more than two-thirds of South Africans believe that they can do that, even on a modest income. And that really is quite something because last year that figure was sitting at 35%..."

- Hayley Parry, money coach - 1Life’s Truth About Money

Scroll to the top of the article to listen to the full interview.