LET’S talk about debt and why millions of Mzansi people are trapped.
A friend has all the good things – a nice car, a fully furnished house – but he is drowning in debt.
Following the Havas Prosumer Report called Money, Money, Money: Attitudes Towards Credit, Consumption and Cryptocurrency, we decided to chat to him.
We asked him why was he not buying what was affordable instead of fancy items, so he could pay off his debt, and he said he would rather die than lose the life and status he had.
The survey spoke to 11 976 people aged 18 and older, and we learnt he is not alone.
According to the survey, 86% of people believe their lives would be better if they had less debt, yet only 24% would sell most things they own to get rid of their debt.
Chief strategy officer at Havas Joburg, Lou Boxall-Davies, said: “A number of tensions define our relationship with money and its place in our lives.
“People are interested in financial literacy and want to know how to better define the role of money in their lives. They would like to handle debt better, to demand better offerings from financial service providers, to invest better, build wealth, and to see a more financially just world.”
We want more money: “Some 80% of people believe their lives would better if they had more money. They would work more to earn more.”
We can’t decide between debt and the good life: “Some 80% of people will get into debt to buy a house, 43% for a car and 11% for furniture.
“Education and future economic growth go hand-in-hand, not only in Mzansi but also globally.
“Some 91% of people believe countries which provide free or low-cost education have a better economic future. Education is so important that 53% of people will borrow to educate their children. A further 42% borrow to educate themselves.”
