Stephen Cranston Associate editor

It isn’t only lower-paid employees and members of the informal sector who do not have a “rainy day” fund to take them through the pandemic. Right across SA many do not have a conventional pot of savings. According to a survey by fintech JustMoney, few SA families (just 21%) can afford an emergency payment of even R5,000, and only 10% more than R10,000.

Almost 20% admitted that they had never drawn up a monthly budget. More than two-thirds said they could not live a month on their savings. It found that 27% of people were planning to ask for a payment holiday on their debt. Instead, they consider their home and their pension fund to be their rainy day fund.

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