The latest annual 1Life Insurance Generational Wealth Survey highlights the ongoing financial struggles many South Africans face in building wealth, with many resorting to taking on additional jobs or side hustles to make ends meet.

The 2025 survey reveals that 55% of respondents are supplementing their income through extra work, such as side hustles or second jobs.

Of these, 44% rely on this supplementary income to cover basic monthly expenses, while only 3% are able to use it for leisure activities like travel or entertainment.

Alarmingly, 65% of respondents said they cannot afford to generate wealth given their current financial situation.

The financial well-being of South Africans remains under pressure, with 56% of respondents reporting that they are “merely surviving,” and 29% admitting they are “struggling.”

Only about 15% of respondents indicated they were coping, with 12.9% describing their financial situation as comfortable and 2.4% as thriving.

On a more positive note, awareness of generational wealth is growing, with 70% of respondents defining it as both money and assets such as property or land.

Specifically, 78% associate generational wealth with property and land, while 74% associate it with cash and savings—an increase of 10% compared to the 2024 survey.

“The results of the 2025 survey reflect the reality that many South Africans face daily. While financial pressures persist, we are seeing an encouraging increase in the recognition of generational wealth, particularly in property, savings, and insurance,” said Hayley Parry, money coach and facilitator at 1Life’s Truth About Money.

Despite the lower inflation rate over the past year, only 13% of respondents reported being in a better financial position than the previous year.

However, 25% of respondents managed to pay down more of their debt, setting the stage for long-term financial freedom, while 26% said they are now able to save money.

For 34% of respondents, their financial conditions remained unchanged.

Debt continues to be a significant concern, with 45% of respondents allocating more than 30% of their take-home income to servicing debt.

Among this group, 19% spend over half of their salary on debt repayments, leaving them with little room to save or accumulate wealth.

From an insurance perspective, the survey found that among insured respondents, around 75% managed to maintain their premium payments, demonstrating their commitment to securing their financial futures despite economic challenges.

“As South Africa prepares for the upcoming National Budget Speech, it is critical for policymakers to address these financial struggles and for the private sector to continue driving consumer financial education and implementing measures that support debt relief, wealth creation, and financial resilience,” says Parry.

“By fostering better financial literacy and providing access to online courses through the free 1Life Truth About Money platform, 1Life Insurance remains dedicated to helping consumers break free from the cycle of debt and create lasting wealth for future generations,” concludes Parry.