According to a new study funded by TymeBank, 76% of South Africa runs out of money by the 15th of every month. The study also found that 43% of people borrow money in order to make through the remainder of the month and paints a bleak picture of crash strapped households as the cost of living continues to rise.
The study found that out of the 9% of those surveyed borrowed from banks in order to get through the month, while 20% used credit cards and 59%borrow from family and friends.
The study also found that out of 26% of South Africans would need to borrow money to pay R10 000 for an unexpected emergency. Additionally, 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”.
Kamogelo Phoku (31) works in retail and said, “I have been working in retail for a period of six years and I am a single parent of two. My salary does not even cover half of the basic needs of my family like maize meal to last the whole month. I rely on the local loan shark that I take about R1 000 each month and I give it back with 30% interest month-end.”
A teacher, Maropeng Malope (48) said. “The cost of living is just too high, everything is expensive and the government increased the value-added tax without even giving us notice. While our salaries remain the same, in the 10 years
