July 2022 Debtfree Issue

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FROM THE DESK SURVEY REVEALS FINANCIAL STRESS IMPACTS ALL ASPECTS OF LIFE South Africans feel high levels of financial stress is negatively impacting their health as well as their home and work lives, but despite this most try to deal with the problem themselves rather than seek professional help.
This is according to a new “Money-stress Tracker” survey of over 14,000 participants run by South Africa’s leading and largest debt counsellor. It is one of the largest surveys ever done in South Africa to determine how money-related stress impacts other aspects of life. Seventy percent of respondents said they were experiencing financial stress. Of these 94% felt this was impacting their home life and 77% their work life. Seventy six percent believed it was affecting their health. Generally, women were more stressed about their finances, home and work life and health than men. In particular, women were 30% more likely than men to be stressed about their health as a result of financial stress, and 20% more worried about paying their debt each month, compared to men. “This highlights the burden that comes with the critical role women play in South African society and is something to consider as we approach Women’s Day,” says Nosiphiwo Nxawe, manager of payments at DebtBusters. Over half of participants (52%) indicated they feel stressed or anxious about running out of money before the end of the month. Other major financial stresses were: • Struggling to pay off debt each month – 36% • Concerned about inflation – 27% • Worry about unexpected expenses – 23% • Battle to pay school fees – 15% • Worry about having enough to retire – 12%
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July 2022 Debtfree Issue

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