A recent study by Nedbank and the Gordon Institute of Business Science (GIBS) paints a promising picture of South African well-being. The Happiness Survey, reveals that most participants (over 68%) consider themselves “flourishing” or “flourishing a lot.”
The study, based on over 10,000 data points, utilizes the PERMA model, which measures five key aspects of happiness: Positive emotions, Engagement, Relationships, Meaning, and Accomplishment. Interestingly, relationships emerged as the most crucial factor, with an average score of 4.25 out of 5.
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This highlights the importance of strong connections with loved ones for South African happiness.
“The survey results underscore the profound impact of strong and supportive relationships on our overall well-being,” says Khensani Nobanda, Group Executive of Marketing and Corporate Affairs at Nedbank.
“Investing time in cultivating meaningful connections with family and friends is clearly a key driver of happiness for South Africans.”
Following closely behind relationships were engagement and meaning, with scores of 4.19 and 4.20 respectively.
This suggests that South Africans derive a sense of fulfillment from actively pursuing their passions in relation to engagement and feeling a sense of purpose in life.
The study also reveals areas for potential growth.
Positive emotions and accomplishment received the lowest scores (4.01 and 4.05 respectively).
Many participants indicated feeling they haven’t fully achieved their personal and professional goals.
Nobanda sees this as an opportunity for initiatives that foster a sense of accomplishment.
“While South Africans are generally flourishing, there’s room for growth when it comes to experiencing positive emotions and feeling successful,” she notes.
“This presents an opportunity for organizations and employers to create environments that promote joy, pride, and a sense of accomplishment.”
The study also explored how participants define happiness. Themes related to family, loved ones, connection, and relationships were most frequently mentioned.
Personal achievements, financial security, helping others, experiencing nature, and personal growth were also identified as key contributors.
Interestingly, the study found variations in happiness levels across demographics. Older South Africans and those just entering the workforce reported lower levels of flourishing.
This suggests that age and employment status significantly impact how individuals experience happiness.
“It’s crucial to address the needs of those struggling to find happiness and fulfillment,” says Nobanda.
“Understanding the factors impacting happiness scores within specific groups allows us to develop targeted solutions and support systems to help them thrive.”
In response to these findings, Nedbank launched its “Bank your Time” campaign. This campaign encourages South Africans to leverage the bank’s digital solutions to free up time for the things that truly matter.
“Time is a precious resource,” says Nobanda.
“Our ‘Bank your Time’ campaign is designed to help clients reclaim their time and spend it on what brings them joy and fulfillment. Through innovative digital solutions that streamline financial management, Nedbank empowers its clients to focus on cultivating meaningful connections, pursuing goals, and experiencing more of the moments that matter most.”
“As financial experts who do good,” concludes Nobanda, “we believe banking should be an enabler, not a barrier to happiness. Through the ‘Bank your Time’ campaign and our ongoing commitment to innovation, we aim to support our clients in living their best lives and achieving their aspirations.”
Also read: Nedbank, GIBS reveal surprising facts about South Africans in survey
