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South Africa’s Middle-Class Is Disappearing Business Tech, July 30, 2021 Less than a third of middle-class South Africans (30%) are positive about the future of South Africa, while 27% say that they are likely to emigrate within the next five years. These are some of the major findings in the latest BrandMapp survey – a dataset that uses a mega-sample of more than 30,000 South African respondents to profile the 12 million adults who live in mid-to top-income households earning in excess of R10,000 per month. While the findings should be understood in the context of the Covid-19 pandemic, it is the latest dataset that points to a shrinking middle-class in South Africa as a stagnating economy and multiple lockdowns take thier toll. ....
A third of South Africa’s middle-class set to be wiped out: lender Subscribe Financial services company Transaction Capital has published its results for the six months ended 31 March 2021, with the group warning that the Covid-19 pandemic and weaker economy has placed significant strain on middle-class South Africans. Citing credit statistics, wage data and unemployment figures, the group said that overdue debt balances continue to increase, with a R33 billion increase seen in 2020 alone. It said that around 38% of loans are not in good standing. This is combined with the highest unemployment rate in 12 years at 32.5%, deteriorating monthly income, and below-inflation increase. As such, ....
Should financial service providers take into consideration the positive behavioural change in consumers as part of their offering? Should the change be limited to only better financial management or have a broader connotation encompassing healthy living? Shared prosperity warrants an affirmative answer to both questions. The idea is not utopian any longer. It is being put into practice by a South African financial group, Discovery. It emerged as the game-changer in the insurance arena when it helped a significant portion of its client base embrace a clean-eating, gym-going, safe-driving culture. In 2019, the group launched Discovery Bank, the world’s first digital behavioural bank, in South Africa. Over a short span of two years, the bank has emerged as a key challenger bank witnessing a three-time faster growth in deposits relative to the market. Ranked as the seventh largest credit provider in South Africa, the bank boasts an arrear rate that is 65 per cent lower than ....
South Africa’s middle-class is taking a beating – and it could get worse Subscribe Experts have warned that the Covid-19 pandemic will leave deep scars in the global economy, with middle-income families expected to shoulder the brunt of the impact. While $26 trillion worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of debt and widening inequalities between races, genders, generations and geographies will leave lasting scars, most of them in the poorest nations, “It’s very easy after a gruelling year or more to feel really relieved that things are back on track,” said Vellore Arthi of the University of California, Irvine, who has examined the long-term health and economic hit from past crises. ....
Cash-Strapped South Africans Desperate for Debt Relief iafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iafrica.com Daily Mail and Mail on Sunday newspapers.