Nearly half of South Africans continue to save cash at home despite wider access to banking services, exposing themselves to theft, fire and lost interest, according to FinMark Trust and World Bank data. Experts say trust, accessibility and financial habits remain major barriers to formal saving.
A significant number of South Africans continue to store their savings in cash at home despite wider access to formal banking services, highlighting ongoing trust, accessibility, and behavioural challenges in the financial system.
An estimated 7.3 million South African adults remain unbanked. At the same time, nearly half of consumers continue to keep their savings in cash, according to findings from FinMark Trust’s FinScope South Africa survey and the World Bank Global Findex database. This trend reflects a combination of limited access, trust concerns, and entrenched saving behaviours rather than a simple preference.
Security risks remain a key concern. South Africa recorded approximately 1.5 million burglaries between 2024 and 2025 (Stats SA, 2025), revealing just how vulnerable physical cash can be when kept outside formal systems. Cash held at home is also exposed to fire, flood damage, and simple misplacement, with no recourse for recovery.
