A recent FNB report shows that middle-income earners who make between R15,000 and just over R40,000 a month spend 95% of their income within just five days of receiving it. This means, says FNB, that many depend on loans and credit cards to make it to the next payday. 

Raj Makanjee, CEO of FNB Retail, says: “The trend also points to a continued culture of consumption, leaving consumers with little to start saving and investing for financial independence.”..

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