With lockdown levels across the country easing from June, fewer consumers have reported being negatively financially impacted by COVID-19. In July, 80% reported negative impact, down four percentage points compared to last month.
Despite this, job loss has increased substantially since we began conducting our surveys. This month, 17% of impacted consumers reported losing their jobs compared to 10% in round one.
The younger population groups continue to be the hardest hit with 19%of impacted Millennials reporting having lost their jobs (up 8 percentage points compared to 11% in survey one) and 17% of Gen Zs reporting job loss (up 5 percentage points from round one).
In all previous surveys, rent and utility payments were the two bills that impacted consumers were most concerned about regarding their ability to pay. However, this month, the top two bills that impacted consumers are most concerned about not being able to pay are retail/clothing accounts and personal loans.
Consumers continue to pay less down against existing debt to preserve cash flow. Almost 38% of affected consumers say they are paying only a partial amount they can afford. And with 37% dipping into their savings to help pay their current bills, it is clear that the financial impact of COVID-19 will be felt for some time to come.
Thirty-eight percent of SA consumers surveyed reported that they have been a target of digital fraud related to COVID-19, with 5% having acted on it and fallen victim.