The Momentum Science of Success was back, unpacking the impact of ‘mental bandwidth depletion’ on your financial decisions
This year’s event was particularly special as Momentum and UNISA celebrated their 10-year research partnership. In this installment, the Science of Success campaign unpacked the impact of ‘mental bandwidth depletion’ on your financial decisions, where your mental capacity to discern between seemingly right choices may have a long-term impact on your financial success.
The Momentum UNISA Household Financial Wellness Index report, which is the foundation of the campaign, seeks to understand and determine the financial state of South African households.
The campaign once again transforms the report into snackable insights to help South Africans become financially knowledgeable and gain the confidence to successfully manage their finances.
Over the past three years, the campaign has been expressed through different themes:
· 2019: Financial success is in your control – there is a formula to financial success.
· 2020: Fresh financial perspectives – understand the ingredients for financial success.
· 2021: Think sharp – build your mind power is key to your financial success.
Here are some of the findings from the 2021 event, live-streamed on Facebook:
· Seven years of economic progress were erased in 2020 as 1.4 million fewer people were employed at the end of that year compared to the end of 2019. This was due to the pandemic and is by far the most considerable amount of job loss ever seen in one year since the index’s inception in 2008.
· This loss of income that millions of people experienced meant that they could either pay off their debt or fund specific purchases or both. This gave rise to a sense of low personal empowerment where households felt
less control over their finances and less able to solve problems due to lockdown regulations, among other contributing factors.
· An estimated 14% of households obtain an additional income from a side business, with the most popular types of side hustles being selling produce and food, selling clothing, jewellery, cosmetics, or providing personal services such as beauty salons, mechanics, garden, and maintenance services.
· Entrepreneurs who weathered the storm caused by COVID-19 and lockdown survived by streamlining and diversifying their offerings, and accessed new markets like online marketplaces.
For more information, check out www.momentum.co.za or follow the conversation on #SuccessIsAScience on the following social media pages: