{"id":390341,"date":"2020-04-17T17:30:40","date_gmt":"2020-04-17T15:30:40","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=390341"},"modified":"2020-04-17T16:54:22","modified_gmt":"2020-04-17T14:54:22","slug":"what-south-africans-are-doing-to-get-through-lockdown-financially","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/390341\/what-south-africans-are-doing-to-get-through-lockdown-financially\/","title":{"rendered":"What South Africans are doing to get through lockdown, financially"},"content":{"rendered":"

New research from consumer credit reporting agency, TransUnion finds that eight in 10 South Africans say their household income has been negatively impacted by the Covid-19 pandemic.<\/p>\n

TransUnion has initiated a survey of adults (18 years old and over) in South Africa and abroad to better understand the financial impact of Covid-19 on consumers.<\/p>\n

The initial survey of 2,001 adults found that some generations, particularly Millennials (those born 1980 to 1994) and Gen X (born 1965 to 1979), have been harder hit financially by the Covid-19 pandemic.<\/p>\n

Concern over ability to pay bills was highest among Millennials (92%) and Gen X (95%).<\/p>\n

Of consumers who are concerned about paying their bills, 46% report that they will not be able to pay their utilities (electricity, water, etc.), 42% will not be able to make their rent repayment and 39% report that they will not be able to pay their cell phone bill.<\/p>\n

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Two in five (40%) people financially impacted by the pandemic said they had already reached out to companies they have accounts with to discuss payment options.<\/p>\n

In response to the financial challenges caused by Covid-19, 29% of South African consumers said they planned to use their savings to pay current bills.<\/p>\n

A smaller number (22%) said they would borrow money from a friend or family member.<\/p>\n

Additionally, 27% of impacted consumers do not know how they are going to pay their bills or loans and 33% will only pay a partial amount that they can afford.<\/p>\n

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Read: Survey shows that South Africans are already losing their jobs during lockdown<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

New research from consumer credit reporting agency, TransUnion finds that eight in 10 South Africans say their household income has been negatively impacted by the Covid-19 pandemic.<\/p>\n","protected":false},"author":10,"featured_media":255137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,11687],"class_list":["post-390341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-transunion"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/390341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=390341"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/390341\/revisions"}],"predecessor-version":[{"id":390569,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/390341\/revisions\/390569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/255137"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=390341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=390341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=390341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}