New data shows that South Africa's middle class are coming under severe strain.
Annual consumer inflation reached a 13-year high in South Africa, increasing to 7,8% in July, StatsSA data showed, leaving consumers in a vulnerable position financially amid the soaring cost of living.
South Africans are forking out more money to service big loans that continue to put them in debt.
Consumers in South Africa need to spend around 63% of their take-home pay to service their debt, data from debt counsellor, DebtBusters shows.
DebtBusters says that the combined pressures of increasing interest rates, rising inflation, and a diminished ability to borrow have led more consumers to pro-actively seek help.
South Africans say high levels of financial stress is negatively impacting their health, and they are increasingly worried about not being able to pay all of their expenses at the end of the month.
New data from debt counsellor, DebtBusters, shows that debt exposure has worsened for most income groups in South Africa compared to recent years.
The latest debt index from DebtBusters shows that middle-class South Africans are falling further into financial trouble as people turn to unsecured credit to supplement their paycheques.
New data published by financial services firm Sanlam shows that South African consumers are struggling to shake off the impact of the Covid-19 pandemic on their finances.
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