Instead of going to a bank, both rich and poor have a tendency to first run to their friends and family for help when they face financial problems.
This was revealed by the SA Household Financial Wellness Index which was released yesterday.
The survey also showed that 72% of households surveyed were experiencing personal financial difficulties.
"It is also evident that the majority of the households are of the opinion that it is the duty of agencies outside the households such as the government, municipalities, employers, labour unions, financial sector institutions and welfare organisations to do something about their financial plight," the study said.
The study, compiled by Unisa and insurance provider Momentum, said the employment rate of the financially well hovered at 64.8% and they lived in 4.4-million households.
It said 33.3% of the financially well off earned between R261973 and R534155 per year and 53.6% of them were either married or living with a partner, while 32.4% were single and never married.
In contrast, 4.3% of the people who participated in the study were financially distressed.
The financially distressed lived in 679000 households, with an employment rate of 16.2%, and 98%.2 of them earned earn between R0 and R68605 per year.
Bernadine de Clercq, the head of personal finance research at Unisa, said 41.9% of the financially distressed completed primary school while 75.2% of the financially well have tertiary education.
She said the Household Financial Wellness Index has over the years been improving. Last year, it stood at 66.64 points. In 2013, it was 65.93 points.
Meanwhile, Statistics South Africa reported yesterday that the number of businesses liquidated last month surged by almost 10%, making it the highest number of enterprises that have closed down this year.
"The total number of liquidations recorded increased by 9.3% (15 more cases) year-on-year in August 2015.
"Voluntary liquidations increased by 17 cases while compulsory liquidations decreased by two cases," reads a report by Statistics South Africa.
sibanyonim@sowetan.co.za
SA households cash-strapped
Instead of going to a bank, both rich and poor have a tendency to first run to their friends and family for help when they face financial problems.
This was revealed by the SA Household Financial Wellness Index which was released yesterday.
The survey also showed that 72% of households surveyed were experiencing personal financial difficulties.
"It is also evident that the majority of the households are of the opinion that it is the duty of agencies outside the households such as the government, municipalities, employers, labour unions, financial sector institutions and welfare organisations to do something about their financial plight," the study said.
The study, compiled by Unisa and insurance provider Momentum, said the employment rate of the financially well hovered at 64.8% and they lived in 4.4-million households.
It said 33.3% of the financially well off earned between R261973 and R534155 per year and 53.6% of them were either married or living with a partner, while 32.4% were single and never married.
In contrast, 4.3% of the people who participated in the study were financially distressed.
The financially distressed lived in 679000 households, with an employment rate of 16.2%, and 98%.2 of them earned earn between R0 and R68605 per year.
Bernadine de Clercq, the head of personal finance research at Unisa, said 41.9% of the financially distressed completed primary school while 75.2% of the financially well have tertiary education.
She said the Household Financial Wellness Index has over the years been improving. Last year, it stood at 66.64 points. In 2013, it was 65.93 points.
Meanwhile, Statistics South Africa reported yesterday that the number of businesses liquidated last month surged by almost 10%, making it the highest number of enterprises that have closed down this year.
"The total number of liquidations recorded increased by 9.3% (15 more cases) year-on-year in August 2015.
"Voluntary liquidations increased by 17 cases while compulsory liquidations decreased by two cases," reads a report by Statistics South Africa.
sibanyonim@sowetan.co.za
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