Wealth transfer gap widens

SURVEY: TWO-THIRDS OF SOUTH AFRICANS ACROSS AGES, INCOME LEVELS, DON'T HAVE WILLS

- Liesl Peyper

A total of 66% of South Africans do not have wills, and this shortfall cuts across ages, income levels and demographic groups.

This is according to Sanlam Legacy's 2025 survey on South Africans and wills, which found although most people recognise the importance of estate planning, far fewer act on that knowledge.

The study was conducted among South Africans from all provinces, mainly in suburban and urban areas. Overall, 66% of respondents were women, 55% were black, and their ages ranged from 18 to 65. Personal incomes varied from less than R10 000 to more than R30 000 per month.

A total of 70% of respondents said having a will is worthwhile even those with assets valued under R50 000. Yet only 34% had actually drafted a will. The figure has dropped from 39% in 2024, suggesting a backward slide.

Barriers to action

The survey shows that the biggest barrier to drafting a will is the perception that one needs significant assets. Forty-three percent of participants said they did not think they had enough to warrant drafting a will.

A total of 30%cited unemployment, while 27% pointed to inertia the ongoing postponement of a task perceived as difficult.