A staggering 94% of those surveyed in a recent Debt Rescue study by debt counselling firm Debt Rescue experienced a cash shortage during the past year.
This could in large part be because a noteworthy 34% of the 1 300 South Africans polled in March and April reported losing their jobs in the pandemic.
Neil Roets, the chief executive of Debt Rescue, says a silver lining, if one can call it that, of Covid-19’s impact is that the majority (83%) of those surveyed had initiated a conversation with their family about money management, while 61% had put a money plan in place.