An online survey conducted by Sanlam has showed that 72% of South African women consider themselves to be living in ‘survival mode’.
This means that the surveyed women find it challenging to focus on the long-term, particularly planning their finances, given the focus on daily needs.
The study also found that:
Six in 10 women’s income has reduced due to the pandemic
Four in 10 women have already adopted money conscious behaviours in response to the reduction in their income
Five in 10 women were spending significantly more on food and other expenses than before lockdown
The survey was conducted by Sanlam and had a sample size of over 2 000 women across South Africa. Findings echo a recent United Nations Development Programme socio-economic study, which talks to household financial vulnerability and found that 34% of middle class South African households were likely to drop below the poverty line as a result of Covid-19.