South Africans are reporting lower levels of financial stress, but data shows that many in the middle class remain under severe financial pressure.
The middle-income earners are considered the backbone of consumer spending, credit markets and household investment, and rising economic strain in this segment could limit economic recovery, drive defaults and deepen inequality.
According to the 2025 DebtBusters Money-Stress Tracker, 70% of respondents to the survey conducted in April said they were financially stressed. That’s down from 75% in 2024 and 78% in 2023, but the strain for people earning more than R20,000 a month hasn’t eased.
DebtBusters said people in that income group are among the most financially stressed in the country, and are more likely to have unsustainable levels of debt. While 63% of all respondents now spend more than 30% of their after-tax income on debt repayments, nearly half of them spend more than 40%, a level considered unsustainable by DebtBusters.
The survey found that 60% of respondents aged 45 and older are in this high-debt zone. Moreover, this cohort is also more likely to qualify for larger loans, often exceeding their actual affordability, placing them under greater long-term financial strain.
“Though the extent of financial anxiety is declining, the impact on daily life remains substantial. Of those experiencing financial stress, 91% felt it affected their home life, 73% their work life, and 73% their health,” DebtBusters said.
Savings fatigue
The report also found that savings fatigue is setting in. Just 37% of respondents are actively trying to cut back on monthly spending, down from 43% in 2022. The most common financial concerns remain short-term in nature: running out of money before month-end and struggling to pay monthly debt.
There is also a notable gender gap. Nearly three in four women surveyed said they experienced financial stress, making them about 10% more financially stressed than men. Women also reported being 20% more affected by money stress in terms of their home life, health and work.
Sanlam Credit Solutions previously reported a growing generational divide in how South Africans manage credit. Its 2025 credit confidence index, based on 818,000 active users, shows that millennials are under the greatest debt stress, with more than half of them classified as high credit risks. About 165,000 millennials now spend more than 50% of their monthly income on debt repayments.
Gen X, despite facing similar pressures, shows far less willingness to seek help. According to Sanlam, this group is more hesitant about engaging with debt counselling or credit coaching. By contrast, millennials are increasingly turning to professional support.
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