Just a few years ago, most people still thought that a last will and testament was only for the wealthy or elite. New research shows that ongoing consumer education is paying off as more and more people start to understand that getting their wills drafted is an important and essential step in securing their legacy and their family’s future.
Capital Legacy, South Africa’s leading wills and estate administration business, commissioned independent research to explore financial services trends in South Africa. A total of 800 people were surveyed across middle and upper income segments, 56% women and 44% men. Their responses yielded some very interesting insights.
Nearly all of them (96%) have some form of short-term savings account, but only 61% have retirement plans. Life cover, car insurance and medical aid were all comparable at 78% to 79% penetration. 78% have a clothing store account, demonstrating the reliance on credit as living costs keep rising in this tough economy. 61% have cell phone contracts (as opposed to Pay As You Go plans) and 54% have gym memberships.
Even in these middle and upper-income segments, only 41% have a last will and testament, although this figure is up from around 30% just five years ago. Of this 41% who have wills, 59% are women and 41% are men. Notably, 52% of all respondents indicated they plan to draft a will in the near future, with nearly half of them (49%) in the 25-34 age group. This suggests that financial awareness and estate planning education are increasingly resonating with younger generations – a promising sign for the future of informed financial decision-making.
Despite helping more than one million South Africans draft valid wills to date, Capital Legacy remains acutely aware of the scale of the challenge that remains, with millions of South Africans who don’t yet have wills. The majority of people in our country still die intestate (without a valid will). This leaves grieving families vulnerable to uncertainty, delays, unforeseen costs, administrative complications in winding up estates, and family feuds over inheritances.
This is why Capital Legacy continues to spearhead consumer education and innovation, making will-drafting more accessible to greater numbers of South Africans. From free will consultations nationwide, to pioneering solutions like the Legacy Protection Plan™ that takes care of the legal fees and other costs associated with passing away, Capital Legacy has made it easier, simpler, faster and more affordable for people to get their affairs in order.
Having a valid will is not only a legal formality – it’s also a personal responsibility, and an act of love towards the people you care about. It provides clarity, ensures that your wishes will be carried out, and protects your legacy by making sure your assets are transferred from one generation to the next. It can also prevent conflict, confusion and unnecessary stress at an emotionally difficult time for the people you care about most.
Research by Kantar 2024
