South African Households Face Borrowing Cycle as Only 9% Save Recommended Income Share

Forty-two percent of South Africans borrow money by month-end to get by. This reliance on credit is the result of a lack of financial buffers to absorb unexpected expenses like medical bills, car repairs, or job loss. According to JustMoney's inaugural Money & Me survey, only 9% of South Africans save 10% or more of their income. Individuals supporting four or more family members have only a 6% chance of saving that recommended amount. Households without these savings are trapped in a cycle of borrowing.