Although consumers are worried about the economy of South Africa, they seem to be less worried about their own finances.
Surprisingly 72% of South African consumers are optimistic about their finances over the next 12 months, the highest percentage ever measured since 2020. More than three quarters who participated in a study are also expecting a salary increase during 2024.
Lenders can also expect requests from 12% of this group of borrowers to refinance or renegotiate their current debt payment periods and/or interest rates. Also, 37% of the respondents who said that the South African economy is in a recession are committed to paying down their debt faster, compared to 29% in the fourth quarter, while 51% are cutting back on discretionary spending to be able to do so.
There is a shift towards looking past the current environment to the long-term, which will be welcomed by the residential property sector, with 21% of respondents planning to apply for a new bond facility. Other respondents were put off by the ‘work’ it would take to answer the underwriting questions and 10% said they could not verify their personal information. Another 27% believed that their application would be rejected due to their income or employment status, while 23% felt that their credit history would count against them.
Findings show that 34% of consumers were exposed to a money or gift card scam and 33% reporting phishing, 31% smishing and 27% vishing scams aimed at tricking them into revealing their personal data.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria: Okpebholo Felicitates Tinubu At 72As the nation celebrates President Bola Ahmed Tinubu's 72nd birthday, the candidate of the All Progressives Congress (APC) in the upcoming gubernatorial election in September 2024, Distinguished Senator Monday Okpebholo, has joined other well-meaning Nigerians in extending heartfelt prayers and well wishes to the Nigerian President.
Read more »
Police intensify efforts to clamp down on illegal weaponsMore than 72 000 illegal firearms have been seized over past three years.
Read more »
South Africa: Zulu Culture and Sexual Orientation - South African Study Reveals the Health Costs of StigmaAnalysis - Same-sex relationships are legal in South Africa and protected by the constitution. Unfair discrimination on the basis of sexual orientation is against the law.
Read more »
South Africa: Will South Africa's Voters Survive the Disinformation Deluge?The biweekly report by the Centre for Analytics and Behavioural Change (CABC) sheds light on what they describe as concerning trends in online activity leading up to South Africa's general elections.
Read more »
South Africa: Finance Minister to Determine NHI Funding After Bill Signing - South African News BriefsFinance Minister to Determine NHI Funding After Bill Signing
Read more »
South Africa: Johannesburg Faces Water Cuts, Power Cuts During Heatwave - South African News BriefsJohannesburg Faces Water Cuts and Electricity Outages Amidst Heatwave
Read more »