While financial stress affects the home, work life and health of scores of South Africans, national anxiety over money matters has dipped slightly compared with the past two years.
DebtBusters’ fourth annual Money Stress Tracker — one of the largest online surveys that gauges how financial anxiety affects other aspects of life — found that of the 27,000 respondents who participated in the survey during May and June, 70% are experiencing money stress — a decline from 78% in 2023 and 75% in 2024.
Of those experiencing financial worries, 91% felt it affected their home life, 73% their work life and 73% their health.
The survey found women continue to bear a disproportionately higher burden of financial stress, with nearly three out of four female respondents reporting stress.
They are 20% more stressed about work life, home life and health compared with men, though stress levels for both genders have decreased by 5% to 15% across all facets of life since 2024.
The shift is attributed to fewer national crises, such as load-shedding, reduced inflation and people starting to better manage their finances, allowing them to look beyond short-term survival.
Psychologist Andrea Kellerman said even a 5% drop in stress (from 75% to 70% in the past year) results in people sleeping and coping “a bit better”, suggesting the impact even small improvements can have on resilience and perception.
For people feeling financially stressed, short-term concerns continue to dominate, with the top two being running out of money before the end of the month and struggling to pay off monthly debt.
The impact of interest rate increases, while still significant, has subsided compared with 2023 and 2024.
Middle-aged (35—44 years) respondents were the most financially stressed.
Concerns about retirement increased for those aged 45 and older, compared with 2024, indicating this age group is now able to look beyond the short-term concerns which traditionally dominate.
The survey also found lower-income groups are the most concerned about the impact of interest rate increases or unexpected expenses.
While electricity costs are an elevated concern across all income groups compared with 2024, retirement worries are more pronounced in the upper-income brackets.
People earning more than R20,000 a month remain among the most financially stressed, often qualifying for and taking on more credit than their earning capacity allows. They also face considerable pressure to repay debt.
The data also showed people living in the Western Cape are the most financially concerned, surpassing Gauteng, which reported the most money stress in 2024. The Western Cape is where most people worry about unexpected expenses and retirement.
Smaller provinces, such as the Northern Cape, Limpopo and Mpumalanga, saw significant increases in concerns about electricity costs and interest rates.
Sixty-three percent of respondents allocated 30% or more of their after-tax income to debt repayment.
Fort-eight percent spent more than 40% paying back what they have borrowed, a level considered unsustainable.
People 45 or older are under the most severe debt-repayment pressure, with 60% having unsustainable levels of debt.
The survey also found that savings fatigue could have set in with 37% of respondents reporting actively cutting back on monthly spending, compared with 43% in 2022.
Seeking higher-paying or better jobs is a growing trend, with 35% of consumers exploring these options to make ends meet. This has increased from 26% in 2022.
Younger consumers are more proactive about sticking to budgets and are almost four times more likely to seek better employment, showing 56% more intent to manage money stress than people older than 35.
Respondents elaborating on how they manage money stress revealed a shift in coping mechanisms.
In 2022 and 2023, people tended to seek better jobs or start a side hustle, while in 2024, debt counselling was the preferred way to relieve financial stress.
Now, there is a growing emphasis on entrepreneurial efforts, multiple income streams and financial independence, reflecting a move towards self-reliance and creating diverse sources of income.
Benay Sager, head of DebtBusters, said despite the slight reduction in overall stress, more than 90% of South Africans with unsustainable debt do not proactively seek professional support such as debt counselling.
“This underscores the ongoing importance of stress-management programmes, financial education, and awareness campaigns that address stigma and promote early intervention. It also highlights the need for innovative solutions to deal with money stress, particularly those that help consumers stretch their money further.”
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.