FinScope South Africa 2013

This paper presents the results of the FinScope survey conducted in South Africa in 2013. FinScope is a nationally representative survey of how individuals source their incomes and how they manage their financial lives. The survey measures the levels of financial inclusion, describes the landscape of access, and identifies the drivers of and barriers to the usage of financial products and services. Key findings include:

• Compared to 2012, there have been improvements regarding the average time taken to reach many financial service points, such as ATMs, Post Office branches, and insurance branches;
• The proportion of adults that are financially included has increased to 84% in 2013 from 81% in 2012 and those who are formally insured has increased to 38% from 30% within a year.
• Due to the roll out of the new South Africa Social Security System Agency system, more women than men are in the banking system;
• The informal sector continues to play an important role in extending levels of financial inclusion especially in the rural areas;
• Membership in social groups such as burial societies is common in South Africa since it fulfills a variety of social and financial needs. About 24% of adults belong to a burial society.