The level of saving in SA households has worsened, with an increasing number of people spending all their monthly income within a week of earning it.

The SA Savings Institute (Sasi) on Wednesday revealed that the household saving rate deteriorated further in 2019 to -0.5% of GDP, from -0.4% in 2018. A rate in negative territory effectively means that not only are people not saving, but after spending all their income, they borrow or use money saved in the past to fund consumption.

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