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Financial planner statistics – South Africa

Only 3% of South Africans get share trading advice from a CFP, compared to 14% who use online news.

Key statistics

Adoption

30% of South Africans receive share trading advice

Financial planner

3% of South Africans go to a CFP for trading advice

Most popular source

14% get their advice from online news

Nearly a third (30%) of South African adults, or an estimated 11.9 million people, say they receive share trading advice. But where are they getting it from? Finder conducted an online poll of 1,201 South African adults in August 2022 to find out.

How many people use a certified financial planner in South Africa?

  • A traditional source of financial advice is via a certified financial planner (CFP), but only 3% of South Africans, or an estimated 1.2 million people, have a CFP for share trading advice.
  • South Africans coming up in their careers or in their peak earning years are more likely to get advice from a CFP, with those aged 25–34, 35 to 44, and 55–64 (4% each) more likely than other age groups to seek advice from a planner.
  • Men and women are just as likely to use a financial planner, with 3% of each sex saying they have one.

So where else are South Africans getting their share trading advice?

  • Online news (14%) is the most popular source for share trading advice among South Africans.
  • Social media (10%) is the second most popular source, followed by family and friends (9%).
  • Just 1% of South Africans use robo-advisors for share trading advice.

Where do the sexes get their share trading advice from?

  • South African men (31%) are slightly more likely than women (30%) to seek share trading advice.
  • However, they’re just as likely to receive advice from a financial planner (3%).
  • Men and women are also just as likely to receive share trading advice from online news (14%), social media (10%), and video or audio sources (5%).
  • Women are more likely than men to seek share trading advice from their family and friends (11% vs 7%).
  • Women are also more likely to use robo-advisors than men (2% vs 1%).

Where does each generation get their share trading advice from?

  • Young South Africans aged 18–24 are least likely to use a CFP for their trading advice with less than 1% opting for traditional planners. Instead, they’re opting to go online.
  • South Africans aged 18–24 are more than twice as likely (21%) to seek trading advice on social media than any other age group.
  • Online news is the most popular source of trading advice for South Africans aged 25–34 (17%), 35–44 (12%), 45–54 (14%) and 55–64 (10%).
  • On the other end of the spectrum, South Africans aged 65 and above are more likely to seek trading advice from their family and friends (11%) than any other source.

Methodology

Finder surveyed 1,201 South African adults in August 2022 via Google survey. Survey results are analysed using Google’s Data Studio, which provides weighted averages for the top-level responses, along with breakdowns for sex and age.

Participants are internet, smartphone and Google AdMob users.

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