In Decemeber 2011, FinMark Trust launched the FinScope 2011 survey - for the past five years the finscope survey has been released annually. The FinScope survey is a research tool that was developed by FinMark Trust. It is a nationally representative survey of how individuals source their incomes, and how they manage their financial lives. It also provides insight into attitudes and perceptions regarding financial products and services. To date, FinScope surveys have been conducted or initiated in 17 countries.
Some of the highlights of the survey include:
In 2011, 27% of South Africans are financially excluded, an increase from 23.4% in 2010
34% of South Africans (16 years and older) have/use savings products
61% South Africans (16 years and older) do not use any form of credit products
14% of South African adults have credit/loan products offered by a bank
26% of adult South Africans are either sending (5.2 million) or receiving (5.3 million) money to or from family members, parents and children
42% of individuals who remitted in the 12 months prior to the survey did so through a bank account or banking product such as MPesa, eWallet or CashSend
For more information about the 2011 survey, visit www.finscope.co.za
