SOUTH AFRICA31 JUL 2026More workers in SA turn to debt and gamblingThe financial gap in South Africa is growing, with many workers increasingly relying on debt and gambling to make…Sheree Bega4 min read

A new Old Mutual report shows South Africa’s financial divide is widening, with more working people relying on debt and gambling to cover everyday expenses as financial stress continues to rise The gap between South Africans who are financially secure and those struggling to make ends meet is growing, as more workers take on debt and turn to gambling in an attempt to stay afloat, according to the Old Mutual Savings & Investment Monitor 2026. While some South Africans are building savings and investing for the future, many others are becoming increasingly reliant on debt simply to cover everyday expenses, underscoring the deepening financial divide. The report found that 40% of working South Africans described themselves as highly or overwhelmingly financially stressed, with financial stress increasing most sharply among people earning less than R30000 a month.

The divide is also evident in borrowing patterns. Nearly two-thirds (64%) of respondents now have some form of personal loan, up from 54% a year earlier. Rather than borrowing for discretionary spending, many said they were taking on debt to meet basic needs.

More than a quarter borrowed simply to make ends meet, while others borrowed to pay off existing debt, repair their homes or cover unexpected expenses. Nearly two-thirds (62%) said their most recent loan had been prompted by an unforeseen financial shock. The monitor also found evidence of two distinct financial realities emerging.

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Higher-income earners were significantly more likely to report saving regularly, investing and feeling financially secure, while lower-income households were disproportionately affected by rising living costs, debt and financial stress. The financial strain appears to be reshaping how many South Africans try to make ends meet, with growing numbers turning to gambling in the hope of supplementing their income or paying off debt. More than half (53%) of employed South Africans gamble, while four in 10 (42%) said they often gamble to help cover household expenses or pay off debt, up slightly from 40% in 2025.

Lower-income earners were the most likely to rely on gambling to supplement their finances. Among people earning between R8000 and R14 999 a month, more than half (52%) said they often gamble to cover expenses or debt, making them the income group most likely to rely on gambling to supplement their finances.

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