Debt Rescue CEO Neil Roets has raised concerns following the latest survey results, which reveal that 64% of South Africans are entering 2025 without any savings to fall back on. “It is a matter of plugging the holes and hoping for the best for most citizens,” Roets said, describing the financial precariousness many households face as they rely on credit to make ends meet.
A Growing Culture of Financial Caution
The survey showed that 53% of respondents avoided overspending during the festive season, with an additional 29% only slightly exceeding their budgets. “This shows a shift to heightened financial caution and reflects the broader economic challenges citizens face,” Roets explained.
Essential Spending Under Threat
Alarmingly, 38% of respondents plan to cut back on food purchases, while 60% will reduce their clothing budgets in 2025. Roets stressed the severity of this trend, particularly for already struggling households. “Cutting back on food is not a workable solution,” he warned.
Read more about the survey findings here