Extensive financial impact on households: almost eight out of ten South Africans (79%) said their household income has been negatively impacted by the COVID-19 pandemic. Approximately one third (32%) of those impacted said their work hours were reduced and one in ten (10%) lost their job.
Financial concerns heightened among younger generations: 89% of consumers who have had their household income impacted by COVID-19 are concerned about paying their bills. The strain is even more pronounced for Millennials (92%) and Gen X (95%).
On average, respondents said they will be short about R7,000 in the near future.
On average, consumers expect they will not be able to pay their bills in 6.2 weeks.