By Johan Strydom, Fiduciary Product Head, FNB
Most South Africans agree that having a will is important. Yet only four out of every 10 actually have a signed Will in place; and a third of South Africans haven't even considered drafting one. This gap between intent and action isn't just a personal oversight, it's a dire situation that demands a proactive response from the country's financial and retirement industries to reshape perceptions and integrate wills into everyday planning.
The 2025 FNB Retirement Survey shows that even among those nearing, or in, retirement, wills largely remain an afterthought. No less than 12% of retirees over 60 say they've never considered drafting one. For FNB Entry Wallet consumers, that number jumps to 62%. The problem is that, while people mostly understand the risks of not having a will, they often don't feel the urgency - with many citing lack of time, the need to talk to family first or the belief that wills are only for the wealthy. All of which suggests the problem isn't awareness; its inertia - and industry players need to do more to overcome it.
A big part of the action required is to grow understanding that a will isn't just a legal document; it's a vital part of any robust retirement or financial plan. It protects assets, provides clarity and gives individuals a say in what happens after they have passed on. Without one, families are left navigating delays, confusion and potential conflict - all at a time when they should be grieving, not managing chaos.
So, the obvious question then is "why don't more people act?" The survey findings offer some clues. Many find the process intimidating with 15% of respondents without a Will saying it's too complex or time-consuming. Others are uncertain about who should inherit their assets (17%), or assume a Will isn't necessary if beneficiaries are already named in their policies. And for younger South Africans aged between 18 and 35 the unfamiliarity of estate planning makes it feel like something they can put off until later in life.
Clearly the financial services industry must take the lead to address these misperceptions. Financial advisers, banks and insurers are already central to how people plan for their futures. This places them in a unique position to be able to position Wills as a standard, non-negotiable component of that planning, rather than an optional "bolt-on." The industry can, and must, help normalise the conversation, build trust and demystify the process.
More flexible ways to draft a will are also imperative. While the research points to more than half of South Africans still preferring face-to-face engagement around Wills, one in five people say they're open to digital options. Younger clients especially want convenience and speed - but they also want support. The ideal solution, then, is a hybrid incorporating digital access with human advice when needed. FNB is already moving in this direction, helping clients combine secure online tools with the kind of personalised guidance that builds confidence.
Of course, irrespective of how client chooses to draw up their Will, trust matters deeply. When asked who they'd choose to manage their estate, most respondents named a family member or friend. Fortunately, banks and attorneys follow closely behind. Either way, more than half of the survey respondents cited trust and reliability as the top qualities they would look for in an executor. That's a strong mandate for banks to step up, not just as service providers, but as partners in responsible planning, including Wills creation.
The reality that few people choose to think about is that death doesn't wait for any of us to get our paperwork in order. The absence of a Will can turn a difficult time for loved ones into a legal and emotional mess. So, it's time we help South Africans to stop treating wills as a "later in life" task, and instead embed them into their financial planning from the start. And the retirement industry has both the expertise and reach to lead this shift.
