64% of South Africans save cash under a mattress

• 64% of South Africans do not save their money in a bank, but instead hold unbanked cash savings under a mattress.
• The survey measured the financial attitudes and behaviors of 1,519 individuals aged 18 to 65, with 80% of respondents aged 18-29 reporting having unbanked savings.
• The trend reflects mistrust of the banking system, with many South Africans citing limited access, trust concerns, and entrenched savings behaviors as reasons for holding cash at home.