Middle-income earners spend 80% of salary within 5 days - FNB
Eighty percent of the monthly salary of the average middle-income South African is spent within five days.
This is one of the revelations of a survey done by FNB.
According to the research, those earning between R180 000 and R500 000 annually survive on 20% of their salary for more than 20 days in a month.
FNB's Dineo Molaba says there are other findings suggesting consumers are having a tough time financially.
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"In addition, salaried middle-income consumers with secured and unsecured debt, on average 30% spend of their income on unsecured credit and 35% on secured credit.
"This is one of the indications that the average consumer is stretched financially. The trend also points out the continued culture of consumption leaving consumers with little to start saving and investing for financial independence."
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