JOHANNESBURG - The Altron FinTech Household Resilience Index has found that the number of people in South Africa with formal jobs is more or less the same as those who are unemployed.
The index provides an indication of the financial health of South African households.
According to the index, there were 12.1 million people with formal jobs during the first quarter of this year.
This was only slightly higher than the 12 million people who were unemployed.
But even households that have someone working are struggling, and higher interest rates are to blame.
The Reserve Bank’s decision to increase interest rates is likely to cause more pain.