Namibians on loan life saving device
The Old Mutual Financial Services Monitor shows that many working Namibians continue to grapple with financial stress, in the face of continued economic challenges.
The national study, which surveyed over 650 working adults across the country, shows that people are adapting in creative ways, but often at the cost of their long-term financial security.
Key findings include that 52% of working Namibians say they feel financially stressed, 66% now have credit cards, and 48% have personal loans, both up from last year. Fifty per cent say their income hasn’t changed since 2023, and many are earning less than before, 28% are juggling multiple jobs to make ends meet, 24% own or part-own a business, and 1 in 5 are saving to start one. Fifteen per cent belong to a stokvel, and 18% invest in livestock - both numbers are growing - and that only 22% feel confident about their retirement savings, while nearly half haven’t started saving yet.
Sanja van den Berg, Old Mutual Namibia group customer experience manager said the financial wellness of many Namibians was just not about numbers, but painted a picture to financial wellbeing of all Namibians. “This report reminds us that financial wellness is not just about numbers, it’s about people’s lives. It’s about helping Namibians feel more in control of their money, confident in their decisions, and hopeful about their future.”
The national study, which surveyed over 650 working adults across the country, shows that people are adapting in creative ways, but often at the cost of their long-term financial security.
Key findings include that 52% of working Namibians say they feel financially stressed, 66% now have credit cards, and 48% have personal loans, both up from last year. Fifty per cent say their income hasn’t changed since 2023, and many are earning less than before, 28% are juggling multiple jobs to make ends meet, 24% own or part-own a business, and 1 in 5 are saving to start one. Fifteen per cent belong to a stokvel, and 18% invest in livestock - both numbers are growing - and that only 22% feel confident about their retirement savings, while nearly half haven’t started saving yet.
Sanja van den Berg, Old Mutual Namibia group customer experience manager said the financial wellness of many Namibians was just not about numbers, but painted a picture to financial wellbeing of all Namibians. “This report reminds us that financial wellness is not just about numbers, it’s about people’s lives. It’s about helping Namibians feel more in control of their money, confident in their decisions, and hopeful about their future.”
