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Household budget shortfall roughly R6,800 per month during pandemic - TransUnion

30 July 2020 3:28 PM
Tags:
bills
covid-19 pandemic
consumer survey
household budget
monthly
monthly expenses

Consumer credit reporting agency TransUnion has conducted research that shows the Covid-19 pandemic’s effect on consumer finances.

The effect of the Covid-19 pandemic on household incomes of South African consumers has worsened according to TransUnion's latest report.

The agency conducted an online survey of 1,031 adults in South Africa was between 1 and 6 July 2020.

The latest findings show that 91% of consumers that have been impacted by the pandemic remain concerned about their ability to pay bills and loans.

Consumers report that they will be short in paying their monthly bills by roughly R6,770, according to TransUnion Africa's research director Carmen Williams.

Williams explains that TransUnion has been conducting monthly surveys to understand the impact that Covid-19 is having on consumer finances.

In previous surveys, consumers were most worried about paying rent and utility payments.

This month, as the majority of payment holidays end, the top two bills they are most concerned about not being able to pay are retail/clothing accounts and personal loans, Williams shares.

8 in 10 consumers are feeling financially impacted by this pandemic.

Carmen Williams, Director of Research and Consulting - TransUnion Africa

Around 17% report having lost their jobs, up from 10% in April.

Carmen Williams, Director of Research and Consulting - TransUnion Africa

We've been tracking consumer sentiment over this period.

Carmen Williams, Director of Research and Consulting - TransUnion Africa

Listen to the discussion for more:


30 July 2020 3:28 PM
Tags:
bills
covid-19 pandemic
consumer survey
household budget
monthly
monthly expenses

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