South Africans are eagerly awaiting Finance Minister Enoch Godongwana’s Medium-Term Budget Policy Statement, hoping for relief amidst rising living costs. Speaking on HOT1027 during the HOT Business with Moneyweb show, Annaline van der Poel, Chief Operating Officer of Debt Rescue, notes that many consumers are under immense pressure, with inflation and a looming fuel price hike placing significant strain on household budgets. South Africans are desperate for measures addressing food security and overall affordability.
Debt Spiral as Cost of Living Soars
The high cost of living is forcing people into a debt spiral. Many are relying on credit to cover basics, from food to fuel, as debit orders drain their accounts early in the month. Consumers are sacrificing essentials, such as insurance, and dipping into the two-pot retirement funds, despite tax implications, which reveals the depth of the financial struggle.
Calls for Job Creation and Stability
Van der Poel advocates for government action in job creation and infrastructure stability to improve South Africans’ quality of life. Addressing greylisting concerns and creating an investment-friendly environment could foster sustainable employment, giving consumers the means to “quite literally live” with stable incomes and financial security.
Listen to the Interview
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