Study finds most South Africans are broke by middle of the month

Study finds most South Africans are broke by middle of the month

- A new study shows that most South Africans are broke by the middle of the month

- Data also shows that citizens are saving less each month

- The findings show that South Africans are feeling the financial strain

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According to a new study, 76% of South Africans run out of money by the 15th of every month.

The study also found that 43% of people borrow money in order to make it through the remainder of the month.

The study paints a bleak picture of crash-strapped households as the cost of living continues to rise.

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The research was funded by TymeBank, Briefly.co.za has gathered. The study found that 9% of those surveyed borrowed money from banks in order to get through the month, while 20% used credit cards and 59% borrow from friends and family, according to Times Live.

Tauriq Keraan, deputy CEO of TymeBank, says that he hopes this information will help the bank assist customers in saving and taking control of their finances. 

The study's findings track with those released by the Old Mutual Savings & Investment Monitor survey. That study found that 26% of South Africans would need to borrow money to pay R10 000 for an unexpected emergency.

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Additionally, the survey found that 29% of citizens feel they are struggling to get by each month. Another third say they just getting by, while 29% say they are "doing alright", according to Business Tech.

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Source: Briefly.co.za

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