South Africans remain resilient and −resourceful despite financial pressure, a new survey has found.
JustMoney’s inaugural Money & Me survey shows that tough economic times are pushing people to seek additional income streams.
Worryingly, 38% of respondents with debt are using more than 40% of their income to service their debt.
“[The survey shows that] 41% [of participants] take home more than R10,000 per month, but the distribution is uneven. The pressure to earn more has driven many to seek additional income streams though significant barriers remain for many aspiring entrepreneurs,” reads the report in part.
“Side hustles are common [and] 36% [of respondents said they] have a side hustle. The most popular pursuit is buying and selling items online. A majority of respondents (61%) find every single month financially difficult. About 43% of individuals support four or more people with their income. This burden peaks in the 35-44 age group.
“Only 12% feel confident with their income, while 39% feel worried. Women (9% confident, 42% worried) feel half as confident as men (16% confident, 34% worried), pointing to greater financial vulnerability.”
The survey found that “there is a debt crisis, particularly among middle-to-high income earners, and a significant reliance on lending”.
“A worrying 38% of respondents are in unsustainable debt territory, spending more than 40% of their after-tax income on repayments. Debt pressure is most acute for those aged over 45 years and those with a take-home income above R10,000,” read the report.
“Typically, consumers are advised not to spend more than 30% of their take-home pay on debt repayments, and at most, no more than 40%. Anything beyond 40% is unsustainable. Overall, 51% of respondents spend more than 30% of their take-home pay on debt repayments. 38% are in unsustainable territory, while another 15% are not aware of the amount.
Over-45s, and those with a take-home income of more than R10k, are under the most pressure. Chronic debt creates psychological exhaustion, erodes hope, and reinforces cycles of avoidance and guilt.
— JustMoney Money & Me survey
The survey found that women are 21% more likely to borrow from family or friends compared to men.
“[This] highlighting the importance of trust in their borrowing relationships. There is a widespread lack of awareness of loan terms beyond interest rates and repayment periods. Only 13% of respondents check the terms of credit insurance (credit life).”
Psychologist Andrea Kellerman says money is never just about numbers.
“It is about emotion, identity, trust, and survival. South Africans need both emotional insights and practical tools to shift from survival to stability.”
JustMoney head of customer experience Sarah Nicholson says financial challenges remain a reality for many.
“There is a clear need for practical support, trustworthy information, and tools that help people make confident money decisions. We’re committed to providing not only tools and solutions, but to equipping people with the knowledge to build their financial future.”
Kellerman gives tips on how to shift from survival to stability:
- Teach money with the brain in mind: Financial education must include how stress and emotion shape decision-making. Understanding how scarcity affects the brain helps people see why they feel stuck – and how to break that cycle.
- Help women reclaim confidence: Programmes for women should focus on confidence, not just competence. Mentorship, peer circles, and relatable guidance can help women feel safe to take financial risks and prioritise their own security.
- Make trust tangible: People need to feel safe before they can plan. Financial services and institutions should prioritise empathy, clear and simple language, and consistent human connection, rather than relying on jargon.
- Support midlife earners: The 35-54 age group needs emotional and structural support. Debt relief programmes, flexible savings plans, and workplace mental wellbeing initiatives can help people step out of survival mode.
- Turn anxiety into action: When people are overwhelmed, they need guidance, not pressure. Accessible micro-business training or side-hustle mentorship can channel fear into creativity, helping people rebuild a sense of agency and control.
- Talk about money stress openly: Money shame isolates people. Normalising conversations about money and stress – in workplaces, communities and media – reduces stigma and promotes healthier emotional engagement.
