Ramaphosa, is that you? 64 percent of South Africans are keeping cash out of the bank

More South Africans are choosing to keep their savings in cash rather than in banks or formal investments.

More South Africans are choosing to keep some of their savings in cash rather than in banks or formal investments.

This is according to the latest Old Mutual Savings & Investment Monitor, which reveals that the number of working South Africans with unbanked cash savings has jumped from 53% in 2025 to 64% in 2026.

The increase is most noticeable among younger and higher-income consumers, with 80% of those aged 18 to 29 saying they have unbanked cash savings.

"Unbanked cash savings continue to climb, more marked in the last year from 53% to 64% in 2026. Both the incidence and the year-on-year increase in unbanked cash are particularly high among 18–29–year–olds (80%) and higher earners (R30 000+) 69% [+18]," the report notes.

The report also found that 78% of those earning between R60,000 and R119,999 a month keep some of their savings in cash.

For many consumers, the decision is about access and convenience. Some say they feel safer having cash at home, while others want to avoid bank and ATM fees.

The report found that 56% of consumers cited convenience as a reason for keeping cash, while 39% said they felt safer knowing they had cash at home. A further 34% pointed to bank and ATM fees.

The report found that 81% of working consumers have a specific savings goal. But keeping money aside remains difficult for many households. Almost half, or 47%, said they had dipped into their savings to make ends meet.

Stokvels are also continuing to play an important role in how South Africans save, with usage among the Black consumer market rising from 53% to 56% in 2026.

The increase has been driven by Black South Africans earning R30,000 and more, with stokvel participation in this group rising from 50% to 62%.

"Stokvel usage among the core market (black) continues to rise from 53% to 56% (and up by +8% since 2023). The upward shift is driven by black South Africans earning R30 000+ (50% to 62%). The number of stokvels held is down, but average monthly contributions are unchanged".

In the most famous example of unbanked cash, President Cyril Ramaphosa is under fire for the theft of over $500,000 (over R9 million) which was hidden in a couch at his Phala Phala game farm in Limpopo.