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South Africans not saving much – FNB

First National Bank (FNB) on Tuesday said South Africans are financially stretched, with middle-income consumers spending 80 percent of their monthly salaries in the first five days after payment and surviving by 20 percent in the following days. They said the salaried middle-income consumers with secured and unsecured credit spend,…

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FNB says middle-income consumers spend up to 80% of their monthly salary in 5 days

FNB estimates that it takes an average of 5 days for a middle-income consumer to spend up to 80% of their monthly salary. This suggests that the average middle-income consumer, earning between R180 000 – R500 000 per annum, survives on 20% of their monthly salary for more than 20 days in a month. In addition, salaried middle-income consumers with secured and unsecured credit spend, on average, 30% of their income on unsecured credit and 35% on secured credit. According to Raj Makanjee, CEO of .

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South Africa s middle class is running out of money – here s how long a monthly salary lasts

South Africa s middle class is running out of money – here s how long a monthly salary lasts
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FNB Says Middle-income Consumers Spend Up to 80% of their Monthly Salary in 5 Days - IT News Africa - Up to date technology news, IT news, Digital news, Telecom news, Mobile news, Gadgets news, Analysis and Reports

FNB, one of the largest banks in South Africa, estimates that it takes an average of 5 days for a middle-income consumer to spend up to 80% of their monthly salary. This suggests that the average middle-income consumer, earning between R180,000 ($11,194.94) – R500,000 ($31,090.75) per annum, survives on 20% of their monthly salary for […]

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FNB says middle-income consumers spend up to 80% of monthly salary in 5 days

FNB estimates that it takes an average of five days for a middle-income consumer to spend up to 80% of their monthly salary.

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