The 2023 report presents a sobering picture of falling consumer confidence in the economy, and South Africans having to resort to polyjobbing to supplement their incomes.

The number of South Africans who have accessed personal loans in the last year has doubled to 34% compared with 2020, and the reasons behind this are worrying.

Speaking at the launch of the Old Mutual Savings & Investment Monitor (Omsim) for 2023, Vuyokazi Mabude, head of knowledge and insights at Old Mutual, said it was deeply concerning that the main reason for the increase in personal loans is to cover living costs. One in three respondents reported battling to meet their home loan repayments.

The report reflects the views of just more than 1,500 employed South Africans, with personal monthly incomes ranging from R8,000 to R100,000, on their daily financial challenges. The report also explores what consumers are doing to cope with increasing financial pressure.

Mabude said the report shows marginal improvements in a few key indicators. "These include some recovery of income streams post Covid-19, and a slight improvement in financial satisfaction and financial stress. [However], confidence in the South African economy is at the lowest level yet recorded in an Omsim survey, down from 56% (2015) to 27% (2023). The depreciating rand and power crisis have contributed to the erosion of consumer confidence in the economy. Load...