Redefining resilience – how financial advice is empowering South-African households

As the whole world continues to cope with rising prices and economic uncertainty, resilience in South-African households has often been painted as the ability to get by.

It means stretching income, borrowing from family, or simply hoping next month will be better. But Sharon Hamman, Senior Legal Adviser from Momentum believes real resilience is not about bouncing back but moving forward. The journey starts with one of the most powerful yet underused tools available to South African households: financial advice.

Sharon Hamman

“Too often, the conversation around resilience focuses on struggle,” notes Hamman. “But dig deeper and you’ll find a quiet revolution underway where South-African families are shifting from coping to building. From making do, to making progress.”

Financial advice is often seen as a luxury, reserved for the wealthy or well-established. But in reality, Hamman says it is a practical, powerful engine that can bring about positive change, lasting for generations to come. Whether it’s helping a young teacher manage student debt, guiding parents to draft a Will and consider the future of their children if the worst should happen, ensuring the young couple considers the financial consequences of their marriage before getting married, or supporting a single mother to start investing for the first time, financial advice turns uncertainty into strategy.

As Hamman puts it: “Financial resilience isn’t just about bracing for impact. It’s about building and securing strong foundations battening the windows to sustain the storms life may bring. Good advice gives people something solid to stand on when everything else feels shaky.”

A wake-up call in the numbers
The 2024 Momentum Research Report, focusing on financial strength and product use by South African households and compiled with the Bureau of Market Research, offers a stark reminder of how far we still have to go. Only a small percentage of South African households currently use professional or certified financial advisers. It means most families are navigating life’s biggest financial decisions alone.

A valuable lesson learnt from the research is that high earnings do not necessarily equate to wealth creation. Wealth creation depends on how earnings are applied, how it is spent, what discipline is applied and what financial plan is followed. Hamman concludes that two main ingredients are required to promote wealth creation, the first being financial literacy to ensure better financial decisions are made, and the second is obtaining financial advice, to work with a plan with clearly defined financial goals. She says, “Navigating your way to financial wellness without a financial plan is like traveling to a new destination without a map or GPS – you are bound to get lost.”

From crisis response to lifelong strategy
Financial advice has long been treated like an emergency service, something you turn to when things fall apart. But the real power of advice lies in its proactive role.

“It’s not just about fixing problems. It’s about preventing them,” says Hamman. “Advice is a multiplier. It unlocks momentum—whether you’re just starting out, want to protect your assets, build wealth, grow your business, or plan for retirement. It all starts with a plan.”

Momentum’s data shows people who work with advisers are better off across the board: they save more, manage debt better, have stronger investment portfolios, and more likely to build intergenerational wealth.

Building trust, one family at a time
The challenge now is connection.

“Financial advice doesn’t fail because it’s unaffordable but when it feels inaccessible,” says Hamman. “People don’t always know where to go, who to trust, or even what a good financial adviser should offer. That’s where we need to do better.”

Real advice meets people where they are. It’s non-judgmental. It’s consistent. In many cases, it becomes a lifelong relationship. Momentum’s own data shows many clients stick with their financial advisers for decades—through job changes, family growth, illness, setbacks, windfalls, and even death.

That kind of trust is rare—and incredibly valuable.

A national mindset shift
If most households are going without financial advice, that’s not just a market gap. It’s a national vulnerability.

“It’s time for South Africa to think differently,” says Hamman. “Financial advice should be seen like healthcare or education—an essential part of a secure future. We know it works. The next step is making it part of every household’s plan.”

That means positioning financial advice as aspirational, accessible, and smart. It means engaging young people before they hit financial roadblocks. And empowering communities with more than just information but people who can turn that information into action.

The future is within reach
Resilience is no longer just about surviving tough times. It’s about being equipped to thrive—no matter what lies ahead.

And for South-African households, the journey to financial strength and resilience doesn’t start with a windfall. It begins with a conversation. “A single decision to seek advice can change the trajectory of a family. It’s not about how much money you have. It’s about what you do with it, and who’s helping you do it,” concludes Hamman.