When it came to employee benefits and healthcare specifically, the pandemic had heightened awareness, the latest Sanlam Benchmark Survey has found.

The latest Sanlam Benchmark Survey shows that in the past year, 55% of retirement fund members experienced reduced household income as a result of Covid-19; 58% started living frugally, cutting out all luxury items; and 18.5% were forced to access a long-term investment to get by financially. However, a positive outcome of the financial shock-effect that the pandemic had is that 30% reduced their debt levels.

Kanyisa Mkhize, the chief executive officer of Sanlam Corporate, says the themes of the Benchmark Survey this year were wealthcare, healthcare and selfcare.

"Wealthcare is about being financially ready for both a long life and also a premature death. Healthcare is about being both physically and mentally well, and selfcare is about how we actually nurture our inner spirit," she says.

The study also showed that a pressurised business environment led to a slight decrease in contributions from employers in stand-alone and umbrella funds, although in some cases member contributions increased to compensate for the shortfall. Stand-alone fund employees are contributing 17.53% of their salary to employee benefits (jointly between employer and employee)...