Durban — More than half of South Africa’s citizens are affected by financial worries, according to the latest Sanlam Benchmark Financial report.
The report found that the mental and physical well being of 58% of South Africans was impacted, with 63% of SA citizens being anxious about their finances and 87% indicating they felt financial stress.
Furthermore, 46% of the over 500 full-time employed respondents interviewed admitted to struggling to meet basic monthly needs like food and rent.
The National Credit Regulator’s (NCR) Senior Education and Communication Officer, Jimmy Golele, said financial stress remained one of the top drivers of anxiety.
“Debt can be both a financial and mental burden, often with dire consequences,” he said.
Talking to SA news Golele said some effects of financial stress include poor performance and productivity, a decline in mental health, increased absenteeism at work and higher healthcare costs. He said there were signs that people were under financial stress.
“These include constant arguments and conflict with people closest to you, becoming easily irritable, insomnia and sleeping difficulties, loss of appetite, social withdrawal, lower sex drive, tiredness and muscle pains. Acknowledging the circumstances and tackling your money or financial problems head-on can help one deal with their financial quagmire,” said Golele.
Acting CEO of Saving South Africa Institute (SASI), Gerald Mwandiambia, advised people who were financially stressed to consult a financial advisor to give an objective opinion to resolve the situation.
“The last thing you want to do if you’re under financial stress is to try to solve the problem on your own, and be prepared to hear what you don’t like to hear because sometimes the actions you need to take are not comfortable,” Mwandiambia said.
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