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<\/a><\/p>\n\u201cWhile there have been clear signs of recovery in South Africa\u2019s economy and the overall state of consumer finances, the fact is that many consumers are still under severe financial pressure. It also remains to be seen what effects the third wave lockdowns and recent civil unrest will have on the consumer wallet,\u201d said TransUnion South Africa\u2019s head of financial services, Andries Zietsman.<\/p>\n
The main reasons for lower household incomes were job losses, salary cuts and reduced work hours. Four in 10 (40%) surveyed consumers said someone in their household had lost their job, 38% said someone in their household had their salary reduced, and 28% reported lower work hours in the past month.<\/p>\n
Only 4% of surveyed households said their finances had fully recovered after having their household income decrease at some point during the pandemic, with just under half (48%) of those impacted reporting that they had not recovered.<\/p>\n
However, consumers remained upbeat: 75% of all surveyed said they were optimistic about the future, with 52% confident their household finances will fully recover<\/p>\n
To speed this recovery, 18% had started doing gig work, 17% had started a small business, and 17% had begun selling goods informally.<\/p>\n