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Many South Africans are in poor financial shape, spending all or more than they earn, while working long hours and worrying about money, which is affecting their mental health.
“When spending exceeds income, South Africans overwhelmingly turn to credit to make ends meet, using formal credit, such as credit cards, payday and personal loans, as well as informal debt, including borrowing from loved ones and loan sharks.” Those who described their physical health as poor represented 1% of the sample, and they recorded a low financial health score of 35, markedly lower than any other group. In contrast, the cohort identifying their physical health as “excellent” comprised 20% of respondents who had the highest average financial health score of 61.
“So, we are saying to employers, ‘This hits your bottom line, do something about it.’ That’s our call.” “As one example, if we are feeling stressed, or anxious, maybe not about money as yet, maybe about something else, it impacts our ability to make decisions around money as well,” she said.
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