SA's economic distress

SURVEY: PEOPLE WANT TO SAVE, BUT THEY DON'T HAVE THE MEANS - EXPERT

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Concerning insights from the latest Debt Rescue consumer savings survey highlight a severe disconnect between South Africans' desire to save and their inability to. This is in no small part due to South Africa's struggling economy and its impact on consumers, painting a grim picture of a nation living from month-to-month and on the brink of financial ruin.

Neil Roets, CEO of Debt Rescue, says with the majority of consumers now barely even able to live from pay cheque to pay cheque and many relying on freelance or seasonal work, savings are becoming a luxury many can no longer afford.

He says they need urgent practical financial support to help households build financial resilience in an increasingly unaffordable economic climate.

"At least two-thirds of our respondents say that despite prioritising saving every month, they are finding it close to impossible to do so now, due to financial hardship and challenges resulting from the country's economic downturn," he says.