40% of consumers only have enough savings to last a month.
Results from the 2020 Covid-19 special report of the Old Mutual Savings and Investment Monitor are horrifying.
Sampling for the monitor was done between 29 May and 23 June and included consumers with an income of at least R5,000 per month.Sixty-eight percent of households reported worsening household income, with 32% seeing a slight reduction, a further 32% noting a big reduction and 4% where no one in the household is earning an income at all. In the R5,000-R19,999 income band, 74% of households are earning less.
On the whole, 48% of consumers believe that they are worse off financially than last year. Again, this number is higher among low-income earners .The barometer has, since 2014, asked South Africans how they feel they are “getting by”. The results point to an increased struggle over the past six years, with a stark deterioration among those earning R20,000 or more per month.
Only 34% of those with loans from a financial institution say they are meeting the repayments comfortably, with a further one in three saying they are “struggling but managing for now”.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Boy, 10, suffers serious injuries during motorcycle track accidentA 10-year-old boy was airlifted to a nearby hospital on Sunday afternoon following an accident at a motocross track in Sasolburg in the Free State.
Read more »
Somizi is on a fitness journey: 'I think I've gained about 10 kg'Somizi is on a mission to beat the bulge.
Read more »
COVID-19: Mkhize says isolation period reduced to 10 daysThe Health Ministry gave an update on the revised isolation guidelines and track and trace systems on Friday.
Read more »
Boy, 10, suffers serious injuries during motorcycle track accidentA 10-year-old boy was airlifted to a nearby hospital on Sunday afternoon following an accident at a motocross track in Sasolburg in the Free State.
Read more »