Payday blues for many

BANK DATA: HOW PEOPLE RUN OUT OF MONEY LONG BEFORE MONTH END

- Ina Opperman

The cost-of-living crisis is evident in banking data that shows how many people run out of money long before month end. Nearly half of salary earners are left with less than R1 000 or have negative balances by payday, according to a Standard Bank analysis of data from more than 402 000 individuals who receive their salaries on popular payment dates mid-month, on the 25th and on the last day of the month.

The data showed that 21% of the 402 000 individuals had R1 000 or less left in their accounts the day before payday, while 28% had negative balances or were using overdrafts. Only half had more than R1 000 in their accounts.