Ramaphosa, is that you? 64 percent of South Africans are keeping cash out of the bank

More South Africans are choosing to keep their savings in cash rather than in banks or formal investments.

More South Africans are choosing to keep some of their savings in cash rather than in banks or formal investments.

This is according to the latest Old Mutual Savings & Investment Monitor, which reveals that the number of working South Africans with unbanked cash savings has jumped from 53% in 2025 to 64% in 2026.

The increase is most noticeable among younger and higher-income consumers, with 80% of those aged 18 to 29 saying they have unbanked cash savings.

"Unbanked cash savings continue to climb, more marked in the last year from 53% to 64% in 2026. Both the incidence and the year-on-year increase in unbanked cash are particularly high among 18–29–year–olds (80%) and higher earners (R30 000+) 69% [+18]," the report notes.