The disconnect between belief and action – why many clients still don’t have wills
Most South Africans agree that having a valid will is essential. Yet, the latest Sanlam Legacy Wills Survey found that only 39% of more than a thousand people surveyed actually have a will.
This disconnect between belief and action lies at the heart of South Africa’s lack of solid estate planning, and financial advisors are perfectly positioned to shift the dial. Let’s take a closer look at the psychological and practical barriers to good estate planning to understand where advisors can step into the breach.
Belief vs Behaviour
The survey results confirm the disconnect between belief and action:
- More than 90% believe having a will is important.
- Only 39% had actually drafted one.
This shows that the intention is there, but the follow-through is not. Even more concerning is that those with dependants, who arguably need a will the most, were well represented in the category of those without one.
What the demographics tell us
South Africa is often referred to as one of the most unequal countries in the world, a legacy of our complex political history. The research shows that this picture persists even when we try to get an idea of who is most likely to have a will in our country.
- People earning more than R35,000 per month were significantly more likely to have a will.
- Property owners.
- White South Africans.
Income and life stage do impact estate planning, but are not the only factors. Emotional barriers and knowledge gaps can also exert powerful influences.
Why people don’t act
When asked why they haven’t drafted a will, the most common replies were along the lines of:
- “I don’t have enough assets to justify it”
- “I haven’t gotten around to it”
- “I don’t know much about wills”
- “Wills are too expensive”
These aren’t legal or financial barriers, they’re psychological. Knowing this gives financial advisors critical insights into how to ‘nudge’ clients and support them to draft their wills.
The advisor’s advantage (and challenge)
As many as 61% of respondents said they would turn to a financial advisor to help them draft their wills. And yet, many have never had this conversation. By proactively raising the topic, especially during key moments in clients’ lives – getting married, becoming a parent, buying a home – financial advisors can make estate planning feel more accessible and like a natural next step.
Instead of focusing on death, the conversations can rather be about protecting dependents and loved ones, preserving dignity, and minimising family conflict. Make it less about dying and more about planning and care for loved ones, and having confidence that a legacy can be protected and transferred from one generation to the next.
People know they need a will. They just need a nudge, and a trusted advisor, to get them to act. By helping clients bridge the gap between belief and behaviour, we’re not only adding value, we’re also helping them secure their loved ones’ future.
To watch a short video about this research, click here
https://youtube.com/shorts/lQXq3rltZGk
For the full research report and a wide range of insights, click here https://www.sanlamonline.co.za/financialplanning/wills-trusts-and-estates/sanlam-legacy-plan-survey/
