Credit and Borrowing in South Africa: FinScope Consumer Survey South Africa 2012

Understanding how South African people manage their financial lives
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This report summarizes findings from the FinScope Consumer Survey South Africa 2012. FinScope is a nationally representative survey of how people source their income, and how they manage their financial lives. It is used to better understand money matters in South Africa, with an emphasis on the market needs and attitudes to both formal and informal financial offerings and usage.

The report has been commissioned by the National Credit Regulator (NCR) in order to further understand credit behavior in South Africa and the potential implications for policy and regulation. It states that borrowing is highly complex and dependent on a number of sometimes seemingly unrelated factors. To explore individual personas and stories around credit and borrowing, this report also triangulates some findings from qualitative research that was conducted in conjunction with the survey. Findings include:

  • Financial inclusion (both informal and formal) increased considerably from 73% in 2011 to 81% in 2012, mainly due to an increase in banking;
  • Women experienced a greater increase in financial inclusion mainly due to the introduction of the new South African Social Security Agency (SASSA) grant system;
  • Proportion of adults who are banked has increased from 63% in 2011 to 67% in 2012;
  • About 22% of adults would borrow from a money lender or mashonisa if they had no other option.

About this Publication

By National Credit Regulator and FinMark Trust