Report finds middle-class spending salaries in five days

South Africans are now cutting back on certain things to get through the month due to rising inflation, according to TransUnion's Consumer Pulse study which was conducted in the first quarter of this year. For more, eNCA speaks to frugal living expert, Ncumisa Ndelu. Courtesy #DStv403

JOHANNESBURG - Middle-class South Africans are spending most of their salaries within five days of getting paid.

That's according to new data released by FNB.

READ: SA economy | Unpacking consumer spending trends

It says that most people earning betweenR180,000 and R500,000 annually spend most of their income taking care of debt days after receiving their salaries.

Consumers are increasingly being pressured to turn to credit cards and personal loans to make it through the month.

READ: SA economy | Bank transactions show economic recovery

This as they struggle to keep up with monthly expenses as well as soaring food and petrol prices.

And it may get tougher as the Reserve Bank is expected to hike interest rates once again on Thursday.

Source
eNCA

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