A recent survey by Sanlam found that 70 percent of South Africans run out of money before the end of the month and only 18 percent are able to stick to a spending plan.
Debt is clearly a problem for many South Africans. Blessing Utete, Managing Executive at Old Mutual Corporate, agrees.
“Costs are eating into all our budgets – it’s like a hold-up every time we fill up at the petrol pump, food inflation is in double digits, repaying a home loan for a new R2 million bond has increased by more than R4 000 per month since the beginning of 2022, and Eskom had proposed a 32 percent tariff increase.
