South Africans are struggling to save money as rising costs of living and mounting debt put pressure on household finances. With the nation savings rate estimated to be negative 1.1% in quarter four of 2023 and over R2.5 trillion owed to creditors, many are living beyond their means. watch this video to find out more.
Chapters:
00:00 – introduction
02:18 – Household saving rate
03:30 – Black tax
04:09 – Drowning in debt
06:33 – Ending
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Why Is It So Hard to Save Money in South Africa?
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Cost of living has exploded while salaries remain stagnant. When buying power gets eroded, you need more and more money to buy the same things you bought with less money 5 years ago.