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South Africa’s shrinking middleclass is in deep, deep trouble

24 November 2021 1:06 PM
Tags:
Debt
middleclass
Lester Kiewit
National Debt Advisors
The Morning Review
Sebastian Alexander

Lester Kiewit interviewed Sebastian Alexander of National Debt Advisors.

The middleclass is in deep trouble, with a debt-to-income ratio of 127%.

Those earning R20 000 per month or more spend on average about 60% of their income repaying debt, according to the latest BrandMap survey.

© fizkes/ 123rf

South Africa’s middleclass (read “tax base”) had shrunk from 6.1 million to 2.7 million individuals between 2017 and June 2020, according to research by the University of Cape Town’s Liberty Institute.

Bond and vehicle repayments take most of middleclass incomes with rising food costs adding to the burden.

Lester Kiewit interviewed Sebastian Alexander of National Debt Advisors (scroll up to listen).




24 November 2021 1:06 PM
Tags:
Debt
middleclass
Lester Kiewit
National Debt Advisors
The Morning Review
Sebastian Alexander

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