South Africans Struggling To Survive, Survey Finds Many Live From Paycheck to Paycheck
- South Africans are struggling to make it and have resorted to living paycheck to paycheck
- A survey conducted by 1Life Insurance showed that South Africans are dipping into their savings to buy food
- Netizens are depressed and shared how hard it has become to survive
Tebogo Mokwena, Briefly News's current affairs journalist, offered coverage of current affairs relating to the economy, finance, banks, and state-owned enterprises during his seven years at Daily Sun and Vutivi Business News.
Source: Getty Images
A survey conducted by 1Life Insurance reveals that South Africans cannot afford to build wealth and are trying to survive. Many who responded to the survey say that they are living hand-to-mouth.
People struggling to make ends meet: Survey
According to eNCA, the head of consumer services at 1Life, Carol Mazaka, revealed that more than 50% of South Africans take loans or salary advances to buy food and survive every month.
Mazaka added that South Africans live in an economy where the interest rate has increased 11 times. The food basket has also decreased, and food has become expensive. Over 50% of the respondents said they are trying to survive.
Mazaka said 87% of respondents are expected to breed generational wealth. Because of financial pressure, over 50% of respondents dip into their retirement and savings accounts to put food on the table. She said people cannot build generational wealth when the rand is stretched. As such, some respondents have taken to getting second jobs or having side hustles
South Africans depressed about economy
The reality saddened South Africans on Facebook.
Jet Mahlangu said:
“It’s because of what we continue to vote for. South Africans are easy to manipulate. With all the evidence, we will continue to vote for constant failure, corruption and cadre deployment.”
Sandra Cunningham added:
“Unfortunately, it’s the only way to survive for most of us.”
Kanye Pamba wrote:
“The high levels of unemployment, coupled with persistent poverty, have left many families struggling to make ends meet. As a result, the gap between the right and the poor continues to widen, exacerbating social inequalities and deepening the cycle of poverty for those already marginalized.”
Wayne Titus exclaimed:
“They choose the smooth-talking businessman to give them the support and keep the nation in the dark, quite literally.”
Thifhulufhelwi Mufamadi observed:
“The Reserve Bank doesn’t want to decrease interest rates. Food prices are too high. Cars are overpriced, houses are also overpriced in South Africa. Everything is overpriced.”
Food prices hit 14-year high
In a similar article, Briefly News reported that inflation dropped last year in February, but food prices hit a 14-year high.
An economist said that the middleman milking the economy for profit maximisation is one of the causes. South Africans compared food prices and wondered how they would survive in the coming years.
Source: Briefly News
