While politicians are fighting for positions, South Africans consumers are battling to put food on their tables in the cost-of-living crisis.
Consumers in South Africa are cutting back on electricity and food to make ends meet according to the latest Debt Rescue survey findings.
The latest Debt Rescue survey, conducted to better understand the socioeconomic challenges facing consumers paints a grim picture of millions of citizens living hand to mouth, unable to afford enough food or electricity to sustain themselves, while battling to feed and clothe their children under severely constrained financial conditions.
A substantial 34% of the respondents switched to gas stoves and 10% installed solar geysers to manage costs. “While survey results show that people made significant lifestyle changes to adapt to their sub-economic living conditions, a whopping 46% simply go without each month when the money runs out. This is simply not a sustainable situation and should evoke deep concern among our leaders,” Roets says.
However, it seems that South African consumers, with their can-do attitude, still try to make ends meet, with 40% of the respondents revealing that they initiated side hustles to supplement their income, indicating a proactive approach to managing their financial stress.Unfortunately, Roets says, the flip side of the coin is that the household debt-to-income ratio is projected to hover around an astounding 65% in 2024.
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