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Most Middle Class Income Households Broke by Fifth of The Month

May 23, 2022

By Umamah Bakharia 

South Africa’s average middle-income earners spend up to 80% of their salary within five days of payday, this is according to data from First National Bank (FNB).

This means that most South Africans survive on 20% of their monthly income for more than 20 days of the month.

FNB defines these middle-income consumers as people who earn between R15 000 to R40 000 each month.

 

In an interview with Radio Islam, deputy editor at Business Insider South Africa, Phillip de Wet says insurance, loans, medical aid etc. take up most of the middle-class households’ salaries.

“When you look at this kind of middle-income group, they are kind people that drive the economy through purchasing. These are the demand drivers for a lot of very important products and services,” says de Wet.

Last week, the repo rate increased to increased by 50 points to 4.75% which has placed a burden on the consumer.

“[The middle class] have been squeezing in everyday expenditure in terms of their debt load which is quite high and they don’t just have that disposable income anymore,” says de Wet.

Economist believe that interest rates will increase as well as food, energy, fuel etc.

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