Study: Nearly half of income earners have less than R1,000 on payday
A new study has given
insight into how some of us manage our finances.
Standard Bank carried out a study which involved analysing the data of more than 402,000 jobholders was examined.
According to Standard Bank, almost half of the income earners whose data was examined have less than R1,000 or negative balances in their accounts by payday.
It says the individuals received their salaries on popular payment dates.
The bank has revealed that a day before payday, 28% were in the red, some already dipping into their overdraft.
READ: Consumer inflation drops for fourth consecutive month
The highest percentage of those scrambling at month-end are emerging middle-income earners.
The bank's Kabelo Makeke says while higher income earners often enjoy more disposable income, the findings show that they are more susceptible to negative balances.
"Our study highlights the growing challenge of balancing income with lifestyle, but it’s also a chance for individuals to take productive steps towards financial resilience."
Makeke is encouraging earners to track their expenses and draw up budgets.
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