46% 19% 1 3

2016-11-24 06:02

of black households that earn over R40 000 per month make use of some type of stokvel

* Stokvel contributions among high-income earners (R40 000+) and low-income earners (less than R6000) increased from last year, but it’s evident how financially squeezed the middle class and mid-income earners are as contributions from consumers earning between R6001 and R39 999 per month all lowered their monthly contributions this year compared to last year.


while the
proportion of household
income that is spent
servicing debt rose from 12% last year to 16% this year.

* Spike in personal loans across all income groups with the number of loans taken from financial institutions (21%), friends or relatives (15%) and microlenders (8%) all on the increase since 2015 when levels were 16%, 10% and 4% respectively

of
consumers
regard their debt levels as overwhelming

of households
expect their
financial situation to get worse

Last year, 41% of South Africans were saving less, this has grown to 49% in 2016.

Most
consumers borrow funds from their friends and family to cover expenses and only a third use their savings.

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