The combined effects of the pandemic, a weak economy, rising inflation and interest rates are resulting in more financial stress for many South Africans, which is taking an associated toll on their mental well-being.
Evidence of the pressure consumers are experiencing can be seen in the increase in the number of debt counselling enquiries. According to DebtBusters’ Q4 Debt Index, debt counselling enquiries in the fourth quarter of 2021 rose by 18% compared to the same period the previous year. This trend intensified in the first month of 2022, with enquiries growing by more than 32% compared to January 2021.
