Formal Savings Statistics in South Africa (2026)
In 2024, 32% of adults in South Africa saved at a formal financial institution, according to World Bank Global Findex data. Down from 37.2% in 2021 to 32% in 2024 (−5.2 percentage points). South Africa ranks #3 of 36 economies in Sub-Saharan Africa on this measure, and #48 of 142 globally.
Key Statistics
- Latest value (2024)
- 32% (2024)
- Formal Savings in South Africa as of 2024, the most recent observation in World Bank Global Findex data.
- Change since 2021
- −5.2 pp (2024)
- Down from 37.2% in 2021 to 32% in 2024 (−5.2 percentage points).
- Earliest value in this dataset (2011)
- 22.1% (2011)
- Earliest observation in this dataset, which covers 1990 onward (the source series may begin earlier). Up from 22.1% in 2011 to 32% in 2024.
- Peak value (2021)
- 37.2% (2021)
- Highest value in the available series; the 2024 value is 32%.
- Rank in Sub-Saharan Africa
- #3 of 36 (2024)
- South Africa ranks 3 of 36 countries in Sub-Saharan Africa with data, based on each country's latest value.
- Global rank
- #48 of 142 (2024)
- South Africa ranks 48 of 142 countries with data globally.
- Sub-Saharan Africa average
- 13.9% (2024)
- South Africa (32%) is above the average of 13.9% across the 36 countries in Sub-Saharan Africa with data.
- Among women (2024)
- 31% (2024)
- Value for women in South Africa, same 2024 World Bank Global Findex data.
- Among men (2024)
- 33% (2024)
- Value for men in South Africa, same 2024 World Bank Global Findex data.
- Gender gap (women minus men)
- −2 pp (2024)
- In 2024, the figure was 31% for women and 33% for men — 2 percentage points lower among women.
- In rural areas (2024)
- 32.5% (2024)
- Value for rural residents of South Africa in 2024.
- Rural gap vs national
- +0.5 pp (2024)
- Rural residents (32.5%) are 0.5 percentage points above the national figure (32%).
- Among the poorest 40% (2024)
- 22.3% (2024)
- Value for adults in the poorest 40% of households in South Africa in 2024.
- Poorest-40% gap vs national
- −9.7 pp (2024)
- The poorest 40% (22.3%) are 9.7 percentage points below the national figure (32%).
- Internet use in South Africa (2024)
- 78.4% (2024)
- 78.4% of the population in South Africa used the internet in 2024 (World Bank); shown for context only.
- Population (2024)
- 64 million (2024)
- South Africa had a population of 64 million in 2024 (World Bank); shown for scale only.
Trend, 2011–2024
| Year | % of adults (age 15+) | Change |
|---|---|---|
| 2024 | 32% | −5.2 pp |
| 2021 | 37.2% | +15.1 pp |
| 2017 | 22.1% | −10.6 pp |
| 2014 | 32.7% | +10.6 pp |
| 2011 | 22.1% | — |
Frequently asked questions
What share of adults in South Africa saved at a formal financial institution?
32% of adults in South Africa saved at a formal financial institution in 2024, according to World Bank Global Findex data.
Is there a gender gap in formal savings in South Africa?
Yes — in 2024 the figure was 31% for women and 33% for men, a gap of 2 percentage points in favor of men.
When did formal savings in South Africa peak?
The highest value in the available series was 37.2% in 2021; the latest (2024) value is 32%.
How recent is the formal savings data for South Africa?
The most recent observation is from 2024. World Bank Global Findex data is reported with a lag, so 2024 is the latest available year for South Africa.
Source & methodology
Source: World Bank Global Findex, indicator
fin17a, retrieved .
Figures are shown exactly as published in the source dataset; only the change column of the trend table is computed from adjacent published values.Read more on the methodology page. All figures are estimates and projections; this is not financial advice.
Last updated .