Section 1
Financial planning
Setting achievable financial goals is important. But only 5 in 10 plan ahead, and only 3 in 10 will seek professional advice. Some still feeling the financial aftershocks of COVID-19.
Important to set objectives based on retirement needs
2022 | 2020 | 2019 | 2018 |
63% Strongly agree | 68% Strongly agree | 60% Strongly agree | 40% Strongly agree |
20% Somewhat agree | 18% Somewhat agree | 23% Somewhat agree | 27% Somewhat agree |
4,36 Mean score | 4,44 Mean score | 4,27 Mean score | 3,83 Mean score |
n = 380 | n = 307 | n = 524 | n = 345 |
Please tell me to what extent you agree or disagree with the following statement about financial planning: I plan my finances. I set goals that Iwant to achieve and work towards that.
Mean Score: Strongly agree=5, Somewhat agree=4, Neither agree nor disagree=3, Somewhat disagree=2, Strongly disagree=1
Less planning for their future
Only 3 out of 10 use –or intend to use –the services of a professional adviser
2022 | 2020 | 2019 | 2018 |
52%
| 74%
| 62%
| 47%
|
n = 380 | n = 307 | n = 524 | n = 345 |
Those who strongly or somewhat disagreed with statement:I do not save much or plan for the future;I prefer to spend money when I have it. (Strongly agree=5, Somewhat agree=4, Neither agree nor disagree=3,Somewhat disagree=2 & Strongly disagree=1)
A third have no financial retirement plans
Thinking of your retirement, have you made any calculations in terms of how much money you would need per year (n=380); What are the main reasons for not yet doing any planning for your money in retirement? (n=125)
The lingering effect of covid-19 & lockdown
Please tell me whether you agree or disagree with each of the following statements about how the Covid-19 pandemic and regulated lockdown has affected you? % of respondents who agreed with the statement
Risk appetite has increased slightly, but still lower than pre-covid
2022 | 2020 | 2019 | 2018 |
52%
| 65%
| 40%
| 46%
|
n = 380 | n = 307 | n = 524 | n = 345 |
Please tell me to what extent you agree or disagree with each of the following statements about financial planning?I do not mind taking risks with my money for saving or investment purposes (Strongly agree=5, Somewhat agree=4, Neither agree nor disagree=3, Somewhat disagree=2 & Strongly disagree=1)