The overall state of South African consumer finances improved slightly in the third quarter of 2022 according to the latest Momentum-Unisa Consumer Financial Vulnerability Index (CFVI).
Momentum Metropolitan economist, Johann van Tonder, said that increasing food prices, load shedding, high fuel prices and political instability and corruption posed the highest risk to consumer finances in Q3 2022.the fastest climbing risk factor, though, is seen to be politicians not focusing on consumer needs
The index indicated that income and expenditure indices increased, saving and debt servicing indices implied consumers are very exposed while debt servicing remained an ‘Achilles heel’ for consumers. The economist said that financial vulnerability continued to negatively impact consumers’ behaviour, particularly on two fronts. The report indicated a further increase in the already high number of consumers whose dire financial situations are affecting relationships with family, friends, and colleagues.
In conjunction with political instability and corruption – regarded as the second highest risk for Q4 2022 – Van Tonder said this indicates that political issues are becoming a growing risk to consumer finances.
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