🛒💰 South Africans prioritise saving for food and funeral costs, reflecting the impact of high prices, interest rates, and limited savings during stressful times for individuals and households. 📈 Full story ⬇️
South Africans save for food and funeral costs and do not have their sights set on capital investment or big-ticket items as they feel the pinch of high prices, high interest rates and little savings which are crucial during stressful periods for individuals and households.
Using MAPS data gathered by Eighty20 to provide insights from a nationally representative survey of 20 000+ South Africans and the FinScope Consumer Survey that is uniquely aimed at increasing the understanding of the informal financial product/service market, Eighty20 investigated the saving behaviour of South Africans.Put money away for a rainy day they said
While saving for food places individuals in a risky financial position, non-cash options exist and are adopted more widely. Fulton says savings is what is left after paying for expenses. Generally, this can be expressed as income less expenses equal savings but there is another side to it that is implicit and affects behaviour.
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