July 2022 Debtfree Issue

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%