Household finances in South Africa are in a sorrowful state, with many not having enough savings to survive shocks. While income is increasing marginally, household debt remains high – and in turn, savings are in decline as South Africans look for what little there is to cover costs.
Household finances in South Africa are in a sorrowful state, with many not having enough savings to survive shocks. While income is increasing marginally, household debt remains high – and in turn, savings are in decline as South Africa ns look for what little there is to cover costs. According to Nedbank’s analysis of the South Africa n Reserve Bank’s (SARB’s) latest quarterly bulletin, household finances were somewhat stable in Q4 2023. Real disposable income (PDI) jumped by 0.
1% qoq (or an annualised 0.4% qoq) after dropping over the last three quarters. “The boost came from a rebound in other income sources (i.e. profits, dividends, rents and interest), while compensation of employees (COE) remained under pressure,” said Nedbank. Nominal compensation grew by 0.5% qoq and 6.8% yoy in Q4 2023 but dropped by 0.9% qoq, albeit still up 1.3% yoy, in real or inflation-adjusted term
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