New data from Old Mutual shows that South Africans do not have savings to support themselves and are being forced to think out the box to save.
New data from Old Mutual shows that South Africans are cutting out many expenses to make ends meet.
For the report, the group monitored financial attitudes and behaviour changes among the country’s working population. Old Mutual conducted interviews with 1,505 respondents of different ages, personal income levels, and genders to gather the data for the study. On top of this, in the short term, consumers are moving to reduce costs – trimming monthly premiums to help increase household income.
“Polyjobbers make up 50% of this market, with more young workers becoming part of this growing trend. The number of young poly jobbers is up from 60% in 2022 to 70% in 2023, with many using social media to supplement their incomes. Generally, however, these inflows are a minor portion of overall incomes earned.”
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