Survey finds South Africans adapting under financial pressure

South Africans continue to face significant financial pressure, with little to no choice but to adapt. Tando Ngibe, senior manager at Budget Insurance, said the findings are from more than 2 700 South Africans across diverse demographics, exploring consumer confidence, saving habits, insurance behaviour and spending decisions, providing a snapshot of how households are navigating an increasingly challenging economic environment. Ngibe added that the findings reflect both the resilience and the reality of South Africans.

“Many households are making intentional financial decisions to manage difficult circumstances, but confidence in the future remains low. This tells us that consumers are coping, but they are doing so without the financial buffers needed to feel secure.” Consumer Tebello Mokhotso toldThe Citizenhe has adjusted to the current financial difficulties because he has no choice. “I hear what the survey says, but we are not adjusting because we have a choice; we do so because what are we going to do?

I can’t just stop existing because there are financial difficulties. For example, diesel is going up, but what am I going to do about it? Stop driving my car?

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Stop going to places? Nope, I will just have to adjust and cope.” Ngibe noted that the findings suggest that while many people have adapted to ongoing economic pressures, uncertainty about the future continues to weigh heavily on household finances. The Financial Health Survey highlighted that people still recognise the importance of saving, yet affordability remains one of the biggest obstacles.

More than half (52%) of respondents say they cannot afford to actively save for the future. 59% of respondents earning below R10 000 per month reported being unable to save, while almost half of lower-middle-income (48%) and upper-middle-income earners (45%) said the same. In contrast, 57% of respondents earning R40 000 or more per month said they were actively saving.

Mokhotso, who did not disclose his salary but works in the banking sector, said he saves because there needs to be an emergency fund for his son, but during tough months, he sacrifices his monthly savings contributions. The Financial Health Survey has also revealed the personal impact of financial strain. Among respondents whose lives have been affected by debt, 40% say it has negatively impacted their mental health.

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