A report reveals that 42% of South Africans across various income levels are unable to manage their debt, causing negative effects on their mental health. As interest rates rise, it is important to reflect on financial portfolios to avoid sinking deeper into debt.
It’s a financially challenging time for most households. With interest rates rising, many are spending even more money on debt repayments or taking out loans to help make ends meet. A report released recently in South Africa, compiled by one of the country’s biggest banks, found that 42% of South Africans, across various income levels, cannot manage their debt.
This indebtedness has caused 67% of the respondents to worry about their debt to the point that it negatively affects their mental health. As the festive season is here, it may be tempting to let your financial guard down and enjoy the upcoming holidays. But it is also a good time to reflect on your financial portfolio so that you don’t find yourself sinking deeper into the debt hole. My research as a finance and financial planning academic seeks to understand the pathways that lead to economic empowerment and improve financial security, including the role of debt and other financial products
Financial Challenges Debt Management Mental Health Interest Rates Financial Portfolio
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