According to recent research by Standard Bank, almost half of salaried individuals have R1,000 or less (including negative balances as they get by on credit) by the time payday rolls around.
This shows that many salary earners, even though receiving regular income, find it challenging to cover living expenses fully without relying heavily on credit.
The research covered mainly middle class earners (from R15 000- R45 000/month).
Standard Bank’s data reveals just how widespread this financial strain is: out of over 400,000 individuals examined, nearly 50% either had minimal positive funds or were deep in overdraft before payday.