Special to The Accra Times
South Africans are squeezed by a surging cost of living, especially food prices, reports IOL. A 2023 FinScope Consumer South Africa survey reveals they spend over a third (30.4%) of their income on groceries alone. Basic necessities like groceries, energy, transportation, and communication devour a staggering 85% of monthly income.
Rising costs, according to a March 2023 Credit Bureau Monitor report, limit access to education, and insurance, and make it harder to repay debt. The recent 12.74% hike in Eskom’s electricity tariffs adds further strain, especially for those already struggling to afford essentials.
Compounding these challenges, a lack of retirement plans for 86% of working-age adults, as highlighted by the survey, shows immediate needs trumping future savings for many South Africans.
