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The Financial Impact Of Double-Digit Electricity Increases On Entry And Middle-Income Households 31 mins ago 2 min read
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In the wake of the 15% increase in electricity tariffs for 2021/22, many households will have to review their already stretched budgets to keep the lights on. According to FNB insights, electricity spend is one of the largest spend categories for entry to middle income customers. As a result, these customers need to review their monthly budgets to accommodate the increase and overall cost of living.
FNB data shows that the average electricity spend by a customer who holds its Entry Market bank account (Easy accountholder) increased by 9% (on average) between 2019 and 2020. The average monthly electricity spend by a Middle Market (Gold accountholder) customer increased by 15% while a Mass Affluent (Premier accountholder) customer spe