With Christmas only three days away, a new Debt Rescue survey indicates that most South African households are under extreme financial pressure, prompting many families to cut back on or cancel holiday celebrations entirely.
Debt Rescue’s Chief Legal Officer, Annaline van der Poel, says that for the average consumer, this has not been an easy year at all, as living expenses continue to increase without incomes keeping pace. The survey found that 31% of respondents said they are just coping, while 32% reported being under severe financial pressure. As a result, 39% of respondents said they cannot afford to celebrate the festive season.