A Sanlam survey released on Tuesday states that that 73% of professional middle-class South Africans are experiencing financial stress at the moment.
The 2017 Sanlam Benchmark Survey, an annual retirement funding study surveyed more than 1 300 employees about their financial wellness.
Kerry Chipp is involved in the Gibs MBA research programme focusing on consumer behaviour and insights.
Chipp says while the figure can be disputed, South Africans are known to lack a savings culture. But it is not that simple, she adds.
There are a lot of reasons why we do not have access to this capital anymore, and there are a lot of reasons inherently within the structure of our economy and our work force that exacerbate the situation.— Kerry Chipp, Senior Lecturer and Head of GIBS MBA research programme
A lot of the South African middle class are the formal or informal support structure of the non-working class, you have an extended family that you have to look after, parents, siblings... so as they restrict their own spending they are feeling the strain of supporting lots of other people.— Kerry Chipp, Senior Lecturer and Head of GIBS MBA research programme
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This article first appeared on 702 : SA middle class burdened by financial pressure - survey