With Christmas only three days away, a recent Debt Rescue survey reveals that most South African (SA) households are under significant financial strain, forcing many families to cut back or cancel holiday celebrations entirely.
The survey found that 94% of respondents reported experiencing severe financial pressure during the festive season, traditionally a time of heightened spending and gift-giving.
Debt Rescue’s Chief Legal Officer, Annaline van der Poel, explained that while inflation has eased slightly, rising costs in key areas continue to affect households. “The main drivers of increased living costs this year have been food prices, electricity, and fluctuating fuel costs. Even with lower interest rates, average consumers have struggled to keep up with expenses,” she said.
According to the survey, 71% of respondents said they are just managing to cope, 32% reported severe financial pressure, and 39% indicated that they cannot afford to celebrate the festive season.
The findings paint a sobering picture of how economic pressures are impacting South African families, highlighting the need for careful budgeting and financial planning during the holiday period.
–ChannelAfrica–
