Nedbank data shows incomes are down 3%.
Data across Nedbank’s approximately 1.5 million main-banked clients shows that personal incomes were down an average of 3% in 2023 versus 2022 – a sharp turnaround from the 10% jump between 2021 and 2022. This sample includes its customers who received income or transacted during the July to December period.
With interest rates at the highest level since 2009, it is no surprise that the amount spent on loan repayments across Nedbank’s client base is up. From Stats SA consumer price inflation data, we can see that insurance inflation increased in February, after tracking in line with inflation for some time. Extreme weather impacts last year, especially the Gauteng hailstorm in November, have meant steep increases in premiums across the board. ADVERTISEMENT CONTINUE READING BELOW Read/listen: The impact of climate change on insurersNedbank’s data shows declines in spend across three of four main categories.
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