Latest news with #DebtBustersMoney-StressTracker
TimesLIVE
a day ago
- Business
- TimesLIVE
Is SA's tough economic climate pushing people to gamble online?
Trade, industry and competition minister Parks Tau has raised alarm about the rise of illegal online gambling in South Africa, saying the National Gambling Board has identified at least 90 offshore-registered gambling websites operating unlawfully in the country. Tau was responding to parliamentary questions from Rise Mzansi MP Songezo Zibi, who pressed the department for answers on how it plans to crack down on unregulated platforms. The concern comes as South Africans continue to feel intense financial pressure. According to the latest DebtBusters Money-Stress Tracker which surveyed more than 27,000 people between May and June, 70% of respondents reported experiencing financial stress, with 91% saying it affects their home life, 73% their work and 73% their health. While the report shows a slight dip in money stress levels compared with previous years, the toll on daily life remains high. With desperation mounting, we want to know: are harsh economic realities pushing South Africans into the arms of illegal gambling sites?
IOL News
3 days ago
- Business
- IOL News
Financial stress: 70% of South Africans are worried about money
Regionally, people living in the Western Cape are now the most financially concerned, surpassing Gauteng. Image: Towfiqu Barbhuiya Anxiety over money may be at levels last seen in 2022, yet 70% of South Africans are still experiencing financial stress compared to the past two years. Despite this decline, money concerns still impacts daily life substantially. Among those experiencing financial stress, 91% felt it affected their home life, while 73% reported an impact on their work life, and a further 73% said it affected their health. This is according to the fourth annual DebtBusters Money-Stress Tracker. The survey polled over 27,000 respondents who are not in debt counselling during May and June 2025. It found that 70% of respondents experienced money stress in 2025. This marks a decrease from 78% in 2023 and 75% in 2024. This overall reduction in stress is attributed to fewer national crises, such as loadshedding, reduced inflation, and people starting to better manage their finances, allowing them to look beyond short-term survival. Yet, Benay Sager, executive head of DebtBusters, said, more than 90% of South Africans with unsustainable debt do not proactively seek professional support like debt counselling. 'This underscores the ongoing importance of stress-management programmes, financial education, and awareness campaigns that address stigma and promote early intervention,' Sager said. 'It also highlights the need for innovative solutions to deal with money stress, particularly those that help consumers stretch their money further.' The survey revealed significant debt repayment pressures. Almost two-thirds of respondents allocated around a third or more of their after-tax income to debt repayment, with almost half spending over 40% of what they earn paying back what they have borrowed – a level considered unsustainable. People aged 45 or older are under the most severe debt-repayment pressure, with 60% having unsustainable levels of debt and all respondents earning over R20,000 a month also face considerable pressure and often take on debt they can't afford. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Yet, the number and value of civil debt cases in South Africa have declined, according to the latest data from Statistics South Africa for May. The total value of civil judgements recorded for debt decreased by 8%, which the agency linked to smaller amounts owed from money lent and fewer written promises to pay a stated sum to a specific person. Analysed with the help of psychologist Andrea Kellerman, the results also showed a shift in how South Africans manage money stress. While people tended to seek better jobs or start a side hustle in 2022 and 2023, and debt counselling was preferred in 2024, the 2025 survey indicates a growing emphasis on entrepreneurial efforts, multiple income streams, and financial independence. Women reported higher levels of financial stress than men, with almost three out of four female respondents saying they suffered money worries. Women are around 10% more stressed about finances overall and are 20% more stressed about work life, home life, and health compared to men. Short-term concerns continue to dominate for the financially stressed, with the top two being running out of money before the end of the month and struggling to pay off monthly debt. A third of respondents reported actively cutting back on monthly spending, down from 43% in 2022, suggesting that savings fatigue has set in. The impact of interest rate increases, while still significant, has subsided compared to 2023 and 2024. Middle-aged respondents (35 – 44 years) were the most financially stressed. Concerns about retirement increased for those aged 45 and older compared to 2024, indicating that this age group is now able to look beyond immediate short-term concerns. Lower-income groups are the most concerned about the impact of interest rate increases or unexpected expenses. While electricity costs are an elevated concern across all income groups compared to 2024, retirement worries are more pronounced in the upper-income brackets. Regionally, people living in the Western Cape are now the most financially concerned, surpassing Gauteng, which reported the most money stress in 2024. The Western Cape is also where most people worry about unexpected expenses and retirement. Smaller provinces, such as the Northern Cape, Limpopo, and Mpumalanga, saw significant increases in concerns about electricity costs and interest rates. IOL
The Citizen
3 days ago
- Business
- The Citizen
South Africans experiencing less financial stress, but still under pressure — survey
Overall, 63% of consumers spend more than 30% of after-tax income on debt repayments; the same ratio within the 45-54 age group is 74%. Although South Africans are experiencing notably less financial stress than they did for the past two years, with levels of financial stress returning to levels last experienced in 2022, money stress remains a significant issue for many people. According to the fourth annual DebtBusters Money-Stress Tracker which surveyed more than 27 000 respondents during May and June: 70% of respondents experienced money stress, down from 78% in 2023 and 75% in 2024. Although the extent of financial anxiety is declining, the impact on daily life remains substantial. Among respondents who said they still experience financial stress, 91% of them felt it affected their home life, 73% their work life and 73% their health. Women still bear a disproportionately higher burden of financial stress, with almost three out of four female respondents reporting feeling financially stressed. Women are around 10% more stressed about finances and 20% more stressed about work life, home life and health compared to men, although stress levels for both genders decreased by 5% to 15% across all facets of life since 2024. The shift is attributed to fewer national crises, such as less load shedding, reduced inflation and people starting to manage their finances better, allowing them to look beyond short-term survival. ALSO READ: Survey shows how economic distress erodes South Africans' savings culture Even small improvements decrease financial stress The Money-Stress Tracker worked with psychologist Andrea Kellerman, who notes that even a 5% drop in financial stress (from 75% to 70% in the past year) results in people sleeping and coping 'a bit better,' suggesting the profound impact even small improvements can have on resilience and perception. However, there are still key financial concerns. For people battling with financial stress, short-term concerns continue to dominate, with the top two running out of money before the end of the month and struggling to pay off monthly debt. The impact of interest rate increases, while still significant, subsided compared to 2023 and 2024. ALSO READ: Sarb: financial stability but financial distress in households and SMEs Different age groups have different levels of financial stress The survey shows that people from different groups have more or less financial stress: Age: Middle-aged (35 – 44 years) respondents had the most financial stress. Concerns about retirement increased for respondents older than 45 compared to 2024, indicating that this age group can now look beyond the short-term concerns which traditionally dominate. Middle-aged (35 – 44 years) respondents had the most financial stress. Concerns about retirement increased for respondents older than 45 compared to 2024, indicating that this age group can now look beyond the short-term concerns which traditionally dominate. Income: Lower-income groups are the most concerned about the impact of interest rate increases or unexpected expenses. While electricity costs are an elevated concern across all income groups compared to 2024, retirement worries are more pronounced in the upper-income brackets. People earning more than R20 000 a month remain in the group that experiences the most financial stress, often qualifying for and taking on more credit than their earning capacity allows. Lower-income groups are the most concerned about the impact of interest rate increases or unexpected expenses. While electricity costs are an elevated concern across all income groups compared to 2024, retirement worries are more pronounced in the upper-income brackets. People earning more than R20 000 a month remain in the group that experiences the most financial stress, often qualifying for and taking on more credit than their earning capacity allows. Region: Respondents from the Western Cape are the most financially concerned, surpassing Gauteng, which reported the most financial stress in 2024. The Western Cape is also where most people worry about unexpected expenses and retirement. Smaller provinces, such as the Northern Cape, Limpopo and Mpumalanga, saw significant increases in concerns about electricity costs and interest rates. The survey also investigated borrowing and debt repayment trends and found: 63% of respondents allocated 30% or more of their after-tax income to debt repayment, while 48% spend over 40% paying back what they borrowed, a level considered unsustainable. People older than 45 are under the most severe debt-repayment pressure, with 60% having unsustainable levels of debt. Respondents earning more than R20 000 a month also face considerable pressure to repay debt. This chart shows how much of their income the respondents spent on repaying debt: ALSO READ: How to minimise financial stress in your life What people are doing to combat financial stress However, the survey also shows that they are actively doing something about their financial stress: 37% of respondents reported actively cutting back on monthly spending, compared to 43% in 2022. This suggests savings fatigue has set in, Kellerman says. Seeking higher-paying or better jobs is a growing trend, with 35% of consumers exploring these options to make ends meet, compared to 26% in 2022. Younger consumers are more proactive about sticking to budgets and are almost four times more likely to seek better employment. The survey shows that 56% of the respondents are more intent on managing financial stress than people older than 35. Respondents elaborating on how they manage financial stress revealed a shift in coping mechanisms. In 2022 and 2023, people tended to seek better jobs or start a side hustle, while in 2024, debt counselling was the preferred way to relieve financial stress. Now there is a growing emphasis on entrepreneurial efforts, multiple income streams and financial independence, reflecting a move towards self-reliance and creating diverse sources of income. Benay Sager, executive head of DebtBusters, says that despite the slight reduction in overall stress, over 90% of South Africans with unsustainable debt do not proactively seek professional support such as debt counselling. 'This underscores the ongoing importance of stress-management programmes, financial education and awareness campaigns that address stigma and promote early intervention. It also highlights the need for innovative solutions to deal with financial stress, particularly those that help consumers stretch their money further.' ALSO READ: South Africans remarkably resilient despite economic challenges With less financial stress, people are sleeping and coping better Kellerman says the 2025 edition of the Money-Stress Tracker brought an encouraging insight that some might overlook at first glance: while overall financial stress levels dropped from 75% in 2024 to 70% in 2025, the impact of this change could be substantial. 'People are sleeping and coping a bit better despite elevated financial pressure. This 'disconnect' between the data and lived experience tells an important story about resilience, perception and the compounding effects of small improvements. 'It is well known that perception drives behaviour, and in 2025, that is more evident than ever. Although financial stress and pressure remain high for many, people report feeling more in control, more optimistic, as well as more willing to engage with support structures. 'However, for the first time in years, there was an overall sense of stability. The absence of large-scale disruptions such as load shedding or social unrest allowed people to regain emotional bandwidth and reframe their financial situation. With just a small decline in stress, people have begun to look beyond short-term survival.'
