Overall, 70% of respondents said they were experiencing financial stress.
Of those, 94% felt that was affecting their home life and 77% their work life. Seventy-six percent believed it was affecting their health.
Those earning between R20,000 and R35,000 were under the most severe debt repayment pressure, almost 80% of them spending 30% or more of their take-home pay to service their debt.
And those aged 35 to 44 are the most debt-stressed age category; supporting their children, their parents and their extended families.
Asked what their main financial concerns were, 52% of respondents said they worry that they run out of money before the end of the month, and 26% that they struggle to pay off all their debt every month.
In contrast, only 6% said they were concerned that they don’t have the right insurance in place, and just 12% said they worry about whether they’d have enough money to retire.
“Their short-term concerns are so overwhelming that very few are worrying about retirement or insurances,” Sager said.