With the Covid-19 pandemic still rife in our minds, other factors are starting to worry consumers. Emotional and financial pressures have started building up globally.

Deloitte has stated that South Africans seem to be more worried about their financial situation than Covid-19 at the moment. In their State of the Consumer tracker they measured that anxiety levels have been increasing recently in certain counties, including South Africa.

Anxiety around vaccine rollout

South Africans are also generally unsure when they will receive the vaccine. Reports and numbers on progress are seen daily in the news in foreign countries, but locally there is a lot of uncertainty. More than a year down the line, Covid-19 is still affecting our daily lives.

Our affordability to maintain a basic living standard is at risk

Consumers are planning ahead and trying to spend less. Deloitte has reported that 41% of consumers do not have enough income to sustain their expenses. This is a staggering amount. The report also shows that priority has been given to day-to-day necessary expenses and certain luxuries and treats are not likely in future budgets.

South Africans are also worried about the safety of their jobs, which directly affects their ability to survive.

Larger reliance on debts

When financially-stretched consumers’ backs are against the wall, taking out debt often becomes a necessity. Using a credit card or store card becomes a habit. When you start spending more than you earn you could enter into a debt cycle.

When the debt starts to eat up a large part of your income, you may need financial help. Opting for consolidation options such as debt counselling can help to reduce your debt repayments.

Drawing up a reasonable budget and planning for the future is a necessity during uncertain times. Making sure you have some savings stashed away is good idea.