More South Africans are choosing to keep their savings in cash rather than in banks or formal investments.
More South Africans are opting to keep their savings in cash rather than relying on banks or formal investments.
The latest Old Mutual Savings & Investment Monitor shows that the proportion of working South Africans with unbanked cash savings has increased significantly, rising 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.
