Most South African households juggle their finances with more hope than knowledge, hoping that tomorrow will be better, that they can get through the month, and that there won’t be any emergencies that require a lot of money.
This is the idea carried out in the Momentum’s 2025 Momentum Financial Advice Research Report, with Qhawekazi Mdikane, Executive: Momentum Brand, highlighting the importance of a focused mind to reach a certain desirable goal.
“Focus starts with a single, measurable financial priority, whether a debt-repayment target, a retirement contribution milestone or a specific savings goal; every subsequent decision serves that outcome,” she said.
“It brings structure to financial choices and ensures that effort and intention work in the same direction.”
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How financial decision are made
The report found that 77% of households make financial decisions based on their own knowledge, while 12% of their respondents said they get their financial advice from family, friends or colleagues.
These results have been attributed to being one of the reasons why most people do not reach their financial goals or take longer to reach them, underscoring the need for professional advice.
“Using a professional financial adviser does make a difference,” reads the report. “The wealth per household of households who make use of certified/professional financial advisers exceeded that of all the other sources of advice.”
Professional help to make financial decision
The report found that approximately 1.8 million out of 20 million households make use of professional financial advisers for financial advice. However, how much these people earn also plays a role.
Almost 70% of the people who seek professional advice earn more than R15 000 per month, while 39% earn more than R40 000 per month.
However, the report noted there are several reasons why some people do not get a financial advisor, with one of the reasons being that households do not have enough disposable income, and also the current financial solutions do not meet their needs.
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The cost of financial distraction
Mdikane said distraction carries a cost to financial well-being, where divided attention leads to delayed decisions about saving, missed opportunities for tax-efficient investment and neglect of long-term protection such as retirement or critical-illness cover.
“Consistent focus, by contrast, supports deliberate action, enabling individuals to align budgeting, saving and investing with defined outcomes.”
She added that there are ways to strengthen financial focus through prioritisation, automation, and protection.
How to achieve financial focus
She explained prioritisation as setting one clear objective for the year, such as maximising tax-deductible retirement contributions or settling high-interest debt. Concentrating on a single, quantifiable goal prevents attention from scattering across competing financial demands.
Another way to focus on finances is to implement systems such as automatic transfers to savings, retirement funds, or investment accounts. Systems such as these maintain progress even when motivation fluctuates.
“Protection is also key because it ensures continuity, where critical-illness cover, comprehensive insurance and appropriate tax planning safeguard progress against shocks,” said Mdikane.
“A single unplanned event, whether an illness, job loss or sudden market downturn, can reverse years of effort if risk protection is ignored.”
Social pressures
She highlighted that financial distraction is also influenced by social pressure and easy access to credit.
“Spending is frequently tied to identity and community obligations, often leading to status-driven consumption. Combined with high household debt and rising use of short-term credit, these patterns make sustained saving and wealth creation more difficult.”
Mdikane said maintaining focus begins with simple, practical steps. “Establish a priority list that evolves with age and circumstance, such as balancing tax-efficiency with debt repayment in your 30s, or capital preservation and retirement drawdown in the 50s.”
“Focus is a deliberate discipline that turns daily financial decisions into long-term progress. Beginning with one measurable priority, automating supportive actions and applying professional guidance creates a framework for enduring financial success.”
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