Despite the easing of lockdown levels nationwide, now in the sixth month of this study, nearly 8 out of 10 South Africans (78%) continue to be impacted financially by COVID-19.
Forty-percent of those impacted have had their work hours reduced as businesses continue to feel the strain of previous lockdown restrictions.
The proportion of impacted consumers who report having lost their jobs has dropped by four percentage points from last month to 17%; however, still substantially higher than the first wave (10%).
Concern among impacted consumers regarding ability to pay bills and loans remains high at 89% and unchanged from last month.
More consumers are withdrawing or borrowing to increase cash flow. Over 40% of affected consumers say they’re using money from their savings to help pay bills, up 11% from April. Additionally, 31% of respondents report borrowing money from friends or family (up 10 percentage points from May).
Digital fraud schemes have increased considerably since inception of the survey — 44% of South African consumers reported they’ve been a target of digital fraud related to COVID-19 (up 5 percentage points from last month and 19 percentage points from April).