Survey finds 70% of consumers experiencing 'money stress'
A new survey by Debt Busters has found that the impact of financial anxiety remains high, with 70% of consumers experiencing some kind of money stress.
Ninety-one per cent of surveyed consumers said this has affected their lives at home.
The study shows that those earning R20,000 per month are the ones with the most debt repayment pressure.
The data was collected in May and June this year from consumers registered on Debt Busters.
Consumers between the ages of 35 and 44 years were the most financially stressed.
Executive Head of DebtBusters, Benay Sager, said women continue to bear a disproportionately higher burden of financial anxiety.
"Top financial concerns are the fear of running out of money before the end of the month and struggling to pay off debt, with concerns about retirement having increased for those aged 45 and older."
Sager said most age groups are spending dangerously high levels of their income on debt repayments.
The majority of the consumers who are in debt also do not make use of debt counselling.
"About 90% of South Africans with unsustainable debt do not proactively seek professional support, which emphasises the ongoing need for financial education and innovative solutions to deal with money stress,” said Sager.
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