The FinScope Consumer Survey shows that surging energy costs have affected almost 18 million adults, who say they have been forced to live without electricity because they simply cannot afford it.

Although 81% of South African adults use digital financial services and 70% have some form of insurance coverage, the FinScope South Africa 2022 Consumer Survey has found that many people are not making the most of these services.

The study also reveals a population battling to survive a dire cost-of-living crisis.

Digital payments can be improved "to make them more relatable to the needs of customers", said Obert Maposa, senior data and analytics specialist at FinMark Trust, adding that it was important to improve financial literacy and education.

The independent non-profit trust aims to make financial markets "work for the poor, by promoting financial inclusion and regional financial integration".

"South Africa has a high access rate but the use cases and the safety of it can be improved for digital payments," Maposa said.

34% of adults financially vulnerable

The survey also found that 34% of South African adults are financially vulnerable and more than half are financial dependents, relying on either social grants or support from other people.

About 12 million adults immediately withdraw all the money that is deposited into their accounts, effectively using their bank accounts as mailboxes.

In South Africa, the informal economy constitutes 42% of all...