A staggering 70% of South Africans are grappling with financial anxiety, according to the latest Money Stress Tracker survey by DebtBusters. While this marks a slight drop from 75% in 2023, the figure remains alarmingly high, with women bearing the brunt of the stress.
Financial Stress Taking a Toll
The fourth annual survey highlights how money worries are affecting health, relationships, and work performance. A shocking 90% of financially stressed respondents reported that their home lives were negatively impacted.
Benay Sager, executive head of DebtBusters, noted that while the 5% decline is encouraging, economic pressures persist. “Incomes haven’t kept up with inflation, especially with rising costs of electricity, petrol, and municipal services,” he explained. Stagnant economic growth over the past decade has also left many relying on debt to make ends meet.
Western Cape Overtakes Gauteng in Stress Levels
For the first time in four years, the Western Cape has surpassed Gauteng as the province with the highest financial stress. Sager attributed this to sharp increases in interest rates and living costs in major metros like Cape Town and Johannesburg.
Gender Gap Widens
Women continue to feel the strain more acutely, with nearly three out of four female respondents reporting financial stress. “Women often juggle multiple roles—household management, careers, and caregiving—which compounds anxiety,” Sager said.
Debt Repayment Reaching Unsustainable Levels
Nearly half (48%) of respondents spend over 40% of their take-home pay servicing debt—far above the recommended 30% threshold. Sager urged consumers to assess whether their distress stems from low income, high expenses, or unmanageable debt, and to seek help if needed.
Advice for Consumers:
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Income issues? Explore side hustles (e.g., selling goods, online content).
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Spending too much? Cut non-essential expenses.
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Debt overload? Consult a debt counsellor.
As South Africans navigate these challenges, Sager stressed the importance of financial awareness and family support to mitigate the crisis.
