Inflation kicks South African households where it hurts.
Households in South Africa are losing wealth, according to the latest Momentum/Unisa South African Household Wealth Index for the third quarter of 2022.
Johann van Tonder, researcher and economist at Momentum, said this decline also means the value of household wealth was R9.3 billion or 0.1% lower compared to Q3 2021, meaning the initial gains in the next six months to Q1 2022 were more than erased in the six-month run-up to Q3 2022.
Consequently, the index revealed that share prices declined and bond yields increased, negatively affecting the value of households’ pension funds and investments. In addition, the index reveals that outstanding household liabilities increased by an estimated R86.9 billion in the six months to Q3 2022, with equal increases in outstanding bond mortgages and other debt.
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