SA workers most optimistic since Covid — but more are gambling to pay debts
The survey also showed that 57% of employed South Africans are so-called 'poly-jobbers,' or who tap into multiple income streams.
More than half of respondents indicated they gamble, with many doing so in a bid to cover expenses or pay off debt.
Working South Africans are the most optimistic about their finances since the outbreak of Covid-19, even though almost 60% of them continue to hold down more than one job to make ends meet.
Old Mutual's 2025 Savings and Investment Monitor (OMSIM), which surveyed the income and financial habits of employed South Africans aged 18–65 years, shows 75% of respondents believe their personal financial situation will improve in the next six months. The measure of financial sentiment is up from 68% the previous year and is the highest recorded level since the onset of the pandemic in 2020.
This level of optimism is most pronounced among the Gen Z market (18–29 years old), with 89% anticipating an improvement in their finances. By contrast, only 76% of those aged 30-49 show similar financial optimism, followed by 61% of those aged 50 and older.
'The results show that while life is still difficult for many, working South Africans are making tangible progress,' said Vuyokazi Mabude, head of knowledge and insights at Old Mutual. 'There is a notable rise in income, confidence, and an entrepreneurial spirit, particularly among the youth. People are taking control of their finances, seeking out additional income sources, managing debt more intentionally, and placing greater importance on saving.'
The 2025 OMSIM survey also showed that macroeconomic sentiment is gradually improving, with 42% of respondents indicating they have confidence in SA's economy. That's up from 36% in 2024 and 27% in 2023.
Nevertheless, the survey shows that 57% of employed South Africans continue to be so-called 'poly-jobbers,' people who rely on multiple earnings streams by tapping into freelance, after-hours or side-hustle opportunities in additional to their regular job. This matches the 57% of respondents who indicated they were poly-jobbers in last year's OMSIM survey.
'This entrepreneurial spirit is not just a trend; it is proving to be a vital coping mechanism and a source of financial empowerment,' said Mabude.
Debt management continued to be a top priority for households, with 48% of respondents saying they were cutting expenses and paying down debt, despite more than half (57%) of respondents indicating they had reduced their debt compared to a year ago.
One area of concern was gambling, with 52% of working South Africans partaking in this activity, with the incidence being highest among those aged 30-49 (58%) and men (57%). No less than 40% of respondents indicated that they gambled in the hope of covering expenses or repaying debt, which is up from 36% in the previous survey.
A comfortable retirement and children's education were the top two savings goals of respondents, but 31% nevertheless admitted to making a two-pot savings withdrawal from their pension savings. Formal savings vehicles continue to be popular with 54% of respondents using employers' retirement funds followed by a personal retirement annuity (45%) or banked savings (44%), though stokvels and savings clubs (13%) are also popular.
'Informal savings vehicles such as stokvels remain popular and trusted,' said Mabude.
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