The joke of “not in this economy” has been heard over and over in recent months, and a recent survey by Old Mutual reiterates why it makes us all cackle.
South Africans have reported that they are unhappy with their salaries, and simply earn too little to save or even enjoy life the way they wish. The report, titled the ‘Old Mutual Savings and Investment Monitor’, tracks South Africa’s financial attitudes and behaviours regarding money.
More than 1 000 partook in the survey.
The respondents were asked to rate their level of agreement to a series of statements about their attitude to finances, as well as life in general. The trends reflect that job security remains extremely important but there is also an increasing trend of those who would rather be their own boss and work for themselves.
“It may well be that in the face of all the retrenchments that people see around them, that there is a growing realisation that working for somebody else is not necessarily any more secure than working for oneself,” the report read.
Financial woes have also contributed a major stress to many households across the country.
As reported by BuisnessTech, research by Purdue and the University of Virginia suggests that most people are satisfied with their life in general when they earn around $95 000 (R1 375 894) , emotional wellbeing is satiated at between $60 000 (R869 000) and $75 000 (R1 086 232).
Research also suggests that a South African who earns more than R1-million per year is the happiest in the country.