Most South Africans have a growing appetite for credit as their prospects decline in the pandemic- with only 3% of surveyed households saying their finances have fully recovered.
REUTERS/SIPHIWE SIBEKO
“Almost a third plan to apply for new credit or refinance existing credit within the next year, with new personal loan and new credit card applications being on top of the list. Weeks after the country was gripped by civil unrest and a peak in the third wave of Covid-19 cases, shows that nearly two-thirds of South African consumers said their household income was decreased due to the pandemic.“The study highlights the fact that a substantial proportion of South Africans remain under financial pressure. What’s concerning is that we’re seeing signs of our country’s famous optimism waning.
The proportion of consumers who were upbeat about the future decreased to 69%, from 75% in June and 76% in March, while less than half said they were confident that their household finances will fully recover in the next 12 months.
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