Over 75% of South Africans out of Money Before Month End, Study

Over 75% of South Africans out of Money Before Month End, Study

- A recent study conducted by Floatpays, an early wage solution provider, has made some startling revelations

- According to the study, around 76% of South Africans have finished all their money by the end of the month

- The study went on to say that 57% of South Africans use all of their money up during the course of the month

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A surveyed study commissioned by the South African early wage solution provider Floatpays, indicated that 76% of South Africans have depleted their money on a regular basis by the end of the month, while 57% of South Africans tend to use all of their money up during the month.

A data intelligence platform based in the United States known as Proof of Impact for Floatpays conducted the study. The economic landscape in South Africa has shifted dramatically since the surfacing of the Covid-19 pandemic in 2020.

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Economic uncertainty such as not being able to pay employees their full salaries, as well as a dramatic increase in unemployment as more and more businesses, are forced to close are just some of the shifts that have been noted.

Over 75% of South Africans are reportedly out of money before pay day
OA recent study has revealed that 75% of South Africans have used all their money up before payday. Image: Hollie Adams/Bloomberg, Ulrich Baumgarten and Matthias Doering/Bloomberg
Source: Getty Images

According to reports done by News24 an increasingly large amount of young employees globally are shifting in favour of immediate access to a portion of the money they have already earned, rather than paying once a month.

A report by Eminetra said that it was stated by the Chief Impact Officer of the Proof of Impact Evan Vahouny that the company had conducted the survey with hundreds of Floatpays customers.

Vahouny further claimed that early payment solutions have been implemented by the United States for some time now and South Africa could definitely benefit from such solutions.

In other business news, Briefly News recently reported that Vodacom slashed its prices. Vodacom reduced the prices of its 1GB 30-day bundle by another R15, reducing its cost by 43%. This after the Competition Commission investigated Vodacom and MTN in 2020, forcing them to reduce mobile data prices by up to 50%.

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Vodacom first announced its first price reduction in March 2020, resulting in its 1GB 30-day bundle being dropped from R149 to R99. Vodacom continued by promising to further drop the prices in April this year.

A promise it has now delivered on by dropping the price of that from R99 to R85.

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Source: Briefly News

Reeshni Chetty avatar

Reeshni Chetty Reeshni Chetty is a senior current affairs reporter. The Damelin journalism and media studies graduate was top of her class with 16 distinctions and she boasts experience in radio, print and digital media. When Reeshni is not rushing to bring you the most important and breaking news in current affairs, she's raising awareness around mental health. Reeshni has a passion for breaking the stigma surrounding mental health issues.