Redefining Prosperity: South Africans Pivot Toward Generational Legacy and Insurance Over Traditional Property Ownership

South Africans shift from property to life insurance for generational wealth. Read the latest 1Life survey results on wealth building and economic survival.

By: AXL Media

Published: Mar 28, 2026, 6:17 AM EDT

Source: The information in this article was sourced from IOL

A National Obsession with Creating Lasting Legacies

South Africans are increasingly preoccupied with the necessity of building enduring financial foundations for their families, according to the most recent 1Life Generational Wealth Survey. The data shows that 99 percent of respondents consider wealth creation a primary concern, suggesting that the concept of legacy has become inseparable from basic survival. For many, this drive is fueled by a desire to escape generational poverty or to ensure that their descendants inherit stability rather than struggle. Hayley Parry, a Money Coach at 1Life’s Truth About Money, notes that while the methods of wealth building vary across demographics, there is a nearly universal recognition of its long-term importance.

The Paradox of Aspiration Versus Economic Reality

Despite the clear intent to build wealth, the survey highlights a grim disconnect between the aspirations of South Africans and their daily financial experiences. While broader inflationary pressures have begun to ease, more than half of the surveyed households reported no tangible improvement in their financial wellbeing. Only 2 percent of respondents feel they are "thriving," while approximately 60 percent describe their current state as merely surviving. This paradox underscores the structural barriers that hinder progress for the majority of the population, where ambition is often stifled by an economy that remains stagnant for the average earner.

The Dramatic Decline of Property as a Wealth Marker

In a significant departure from historical trends, property ownership has seen a massive decline in its perceived value as a tool for wealth creation. Last year, 78 percent of South Africans viewed property as the ultimate marker of success, but that figure has plummeted to just 17 percent in the latest survey. Similarly, cash savings have lost their appeal, dropping from 74 percent to 17 percent. This shift suggests that traditional "brick and mortar" investments and liquid savings are no longer seen as viable or sufficient paths to prosperity in a high-cost, low-growth environment.