Right now, it is tougher than ever for South Africans from all walks of life who are buckling under the physical and emotional repercussions of debilitating financial pressure. Over the past year, ever-escalating living costs, stagnant wages, and high interest rates have forced millions of households to rely on credit, including expensive, short-term loans, often to cover essential expenses like food, fuel and electricity – a deadly combination that leaves no room for unexpected emergencies or economic curveballs.
A recent Debt Rescue survey found that 87% of consumers polled currently feel worried, extremely stressed and anxious. The South African Depression and Anxiety Group (SADAG) recently highlighted that January’s financial pressure, combined with post-festive fatigue, heavily impacts mental wellness, causing anxiety and stress.
“It is important to seek help, no matter how difficult it may be,” Roets advises. “It’s very hard, especially for household breadwinners, to acknowledge that they are not coping, because the family looks to them to provide. My advice is to speak to someone you trust about your financial situation and to seek help privately or professionally as soon as you feel completely overwhelmed.”
How to keep your mindset strong while under financial pressure
With the high cost-of-living crisis worsening and life tougher than ever for South Africans, many are juggling expense priorities in what has become a national dilemma.
“While finances are too tight to mention, and juggling expense priorities has become a national dilemma, it is the emotional and mental toll that this takes on people that is of real concern,” warns Neil Roets, CEO of Debt Rescue. “For many, it’s not just about cash flow – it is about the constant worry and emotional strain that is carried into their everyday life.”
Financial stress doesn’t stay in the bank account or on a spreadsheet; it impacts psychological wellbeing and can quietly erode mental health.
Debt and economic hardship are strongly associated with depression and other mental health issues, with those under severe financial strain far more likely to experience a breakdown.
Often, the first positive step to take is to acknowledge the connection between money and mental wellbeing. Financial stress often leads to feelings of shame or failure, which leads to people suffering in silence. Reaching out to friends, family or coworkers in a safe space can reduce isolation and provide perspective. This can alleviate feelings of self-blame and remind us that we are not alone and that it is not a personal failing. Often this can result in finding real solutions.
Take Practical Action
Roets recommends taking practical steps to help you restore a sense of control:
- Create a realistic budget, even a basic one, that allows you to face what you’re dealing with head-on. This removes the fear of the unknown.
- Break financial challenges down into smaller, manageable actions – such as prioritising essential expenses or seeking advice. This will go a long way toward easing anxiety and preventing panic.
- Seek help early – when the situation is still manageable, early intervention, such as seeing a debt counsellor, can greatly relieve both financial and emotional pressure.
Building Resilience
We all have a relationship with money, and it influences our choices, our opportunities and, profoundly, our peace of mind. That’s why financial stress is more than a numbers problem – it’s an emotional one. For many South Africans, money worries can trigger fear, low mood, irritability and psychosomatic symptoms such as headaches, poor sleep and exhaustion. When financial pressure becomes constant, it can severely impact mental wellness and amplify feelings of anxiety and stress.
“It’s important to find ways to build resilience, especially now with economic factors heavily impacting the financial wellbeing of South Africans across all income groups,” Roets says.
Self-care is very, very important during financially stressful times, especially if it begins to interfere with how you function daily. Simple practices like regular exercise, limiting negative financial news, getting enough rest and being around positive people can help stabilise mood and replenish your energy. Together, these can make a meaningful difference.