When South Africans look to cut costs, subscriptions and insurance policies are on the chopping block.
South Africans are looking at ways of cutting costs across several expense categories – including gym, DSTV, and insurance – to make ends meet as the cost of living crisis persists unabated in South Africa.
Household contents insurance was also a big loser, with 10% of respondents claiming that they cancelled this insurance over the same period. This is followed by funeral policies and medicalInterestingly, younger consumers were more likely to cancel household insurance and medical aid, while the 25 to 34 age group were more likely to cancel funeral policies.
This resulted in the SARB hiking interest rates by another 50 basis points on 25 May 2023, raising the cost of borrowing and existing instalments for South Africans. A good example of this is medical aid, as several insurance companies have increased their fees as of 1 April 2023 by well over the inflation rate – with an increase of between 6% and 11% – depending on which insurer you are with.
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