SOUTH AFRICA- As South Africa marks Freedom Day, concerns about financial freedom remain widespread, with many citizens saying it still feels out of reach due to high unemployment and rising levels of debt. Economic pressure continues to weigh heavily on households, leaving many struggling to stay financially afloat.
Experts warn that over-indebtedness is becoming a major national challenge. Old Mutual’s programme manager for personal income, Thabo Hollo, says many South Africans rely heavily on consumer debt to sustain lifestyles rather than using credit for wealth-building activities like starting businesses. He adds that improving financial literacy could help people make better financial decisions and navigate the economy more effectively.
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