Sonja Steyn, Strategic Head: Wealth Management, Financial Planning and Advice: Momentum Advice
Only 9% of South African households use a financial adviser. That means less than one in ten families have access to professional, certified guidance on how to grow, protect, and manage their income and savings.
And yet, financial advice is the one approach that consistently unlocks long-term value, says Sonja Steyn, Strategic Head: Wealth Management, Financial Planning and Advice: Momentum Advice. In a country facing low financial literacy, high household debt, and rising living costs, the 91% of households not taking expert advice is no longer just a statistic; it is a national concern.
Advice is the Multiplier – in good times and bad
Too often, financial advice is treated like a fire extinguisher: break glass in case of emergency. But real value lies in proactive, long-term planning. As Steyn puts it: “Advice is a multiplier. It moves you from where you are to where you want to be, whether you are navigating a crisis or seizing a new opportunity.”
Momentum’s data shows that South Africans tend to seek advice either when things go wrong or when they believe they have ‘made it’. But that binary approach misses the real opportunity: advice is just as crucial when you are growing, succeeding, and planning ahead.
“When you succeed, you need new strategies, new frameworks – and yes, a different coach,” says Steyn. “A certified financial adviser is not just a salesperson. They are a mentor, a life-stage strategist, and someone who walks the journey with you over time.”
The hidden costs of DIY finance
The rise of financial influencers and digital banking has made financial content more accessible, but access to information is not the same as access to experience. It is about discernment, and that comes from trusted, qualified professionals.”
Research supports this: households relying solely on self-directed finance consistently show weaker long-term outcomes from poor risk coverage to underperforming investments. And with only 5,000 certified financial planners (CFAs) serving a country of just over 40 million working age citizens, South Africans are often left to navigate conflicting opinions or, worse, do nothing at all.
Who is using advice – and what that tells us?
Among the 9% of South African households currently using financial advisers, 60% are Black African – a strong signal that trust and appetite for mentorship are growing in historically underserved communities.
But Steyn warns that this growing demand will wane as young people increasingly lose interest in their financial wellness. “We are seeing less and less uptake among younger South Africans. And that is not just about cost or access. It is a mindset. Advice is not yet something people aspire to or see as part of their financial journey from the start.”
Research undertaken by Momentum shows that clients who engage with financial advisers enjoy measurably better financial outcomes – from higher savings rates to improved insurance coverage, stronger investment returns, and smarter debt management.
“The point is, we know advice works,” says Steyn. “So why is it not the obvious choice?”
The real barrier isn’t cost – it’s connection
South Africa does not lack financial education campaigns – it lacks engagement. People do not know where to go, who to trust, or what expert advice even looks like.
“Accessibility is key,” says Steyn. “People feel overwhelmed, judged or that financial advice is for someone else. But the truth is, certified advisers meet clients where they are to set goals, navigate life changes, stay accountable, and build generational wealth – not just fix short-term challenges.”
Momentum’s data shows that many clients stay with their advisers for decades. That kind of trust and consistency is rare in any industry and proves the enduring value of professional advice.
What now? A mindset shift – and a call to action
If only 9% of South African households access advice, 91% are missing out. Not because they do not want to grow, but because many are still stuck believing financial advice is only for the rich or for emergencies.
“We must challenge this,” says Steyn. “Financial advice should be a national priority, as important as education or healthcare. It should be a lifelong journey, not a last resort.”
As Steyn puts it, money should not stand in the way. We have moved past the question of whether financial advice matters – we know it does. The real opportunity lies in helping more South Africans recognise that advice is not out of reach. It is the starting point for making your money work towards your dreams – not in the future, but right now.
ENDS
