More than half of respondents to JustMoney’s Money & Me survey said debt repayments absorbed more than 40% of their take-home pay, up from 38% in 2025. The findings also show limited emergency savings and substantial month-end pressure across the respondent base.
The second annual survey attracted more than 5 400 online responses in July and August 2026.
Overall, 51% of respondents said more than 40% of their take-home pay went towards debt repayments. This comprised 15% who spent between 40% and 50% of their take-home pay on repayments, and 36% who spent 50% or more. A further 7% did not know what proportion of their income went towards repayments.
The survey reported high repayment burdens in the R10 000-to-R20 000 and R20 000-to-R35 000 income bands, with 38% and 40% of take-home pay, respectively, going towards repayments.
Debt pressure was also particularly evident among respondents older than 35: 39% of take-home pay among respondents aged 35 to 44, 41% among those aged 45 to 55, and 42% among those older than 55.
Some 43% of respondents said they needed to borrow to reach month-end, while 65% regarded every month as financially difficult, compared with 61% in 2025. December and January were identified as the most difficult months for household budgets.
Family responsibilities formed an important part of the wider picture. The proportion of respondents supporting four or more people increased from 43% in 2025 to 46% in 2026. Among respondents supporting four or more family members, 51% needed to borrow before month-end, while only 7% managed to save at least 10% of their earnings.
Among respondents supporting one person, 27% needed to borrow, and 17% saved at least 10% of their income. The likelihood of borrowing increased, and the likelihood of saving declined, as the number of people supported rose.
Emergency savings were limited across every income band. Overall, 83% of respondents could not cover a R10 000 emergency from savings. The proportion was 89% among those earning less than R5 000 a month, 87% in the R5 000-to-R10 000 band, 85% in the R10 000-to-R20 000 band, and 76% among those earning between R20 000 and R35 000. Even among respondents taking home more than R35 000 a month, 57% could not cover the expense.
The results indicate that a higher income did not necessarily translate into an adequate emergency buffer among the respondents.
“Many South Africans are having to make difficult financial choices simply to get through the month, with some turning to credit and retirement savings to bridge relatively small shortfalls,” said Sarah Nicholson, head of customer experience at JustMoney.
Borrowers overlook parts of the cost of credit
The survey also examined the information respondents considered when taking out a loan.
Although 57% said they reviewed the interest rate and 53% considered the repayment term, only 45% reviewed monthly fees, and 13% reviewed credit-insurance terms.
JustMoney said credit insurance could account for about 15% of a loan repayment and could potentially be replaced with more affordable cover.
More than a third of respondents, 37%, did not know the interest rate charged on their largest loan. The proportion generally declined as income increased: 43% of respondents taking home less than R5 000 and 41% of those earning between R5 000 and R10 000 did not know the rate, compared with 28% of those earning more than R35 000.
JustMoney described a lack of interest-rate awareness as a possible indicator of other financial behaviour. The company said paying more than necessary or failing to understand the cost of credit was a broader financial risk.
The survey also found differences in where respondents would seek credit. Female respondents were more likely than male respondents to borrow from family or friends, at 49% compared with 40%. Male respondents were more likely to approach formal lenders: 63% said they would borrow from a bank or other financial-services company, compared with 53% of female respondents.
Willingness to approach a mashonisa increased from 20% to 24% among female respondents and from 21% to 23% among male respondents.
The prospective loan amount also influenced respondents’ choice of lender. The combined likelihood of approaching their own bank or another bank increased from 31% for a loan below R3 000 to 60% for a loan above R50 000. Mashonisas were selected as a possible source across all four loan-size categories, although the proportions were lower than those for family or friends, banks, and non-bank financial-services companies.
Retirement savings enter the short-term financial picture
The survey found that 62% of respondents with a retirement fund had made a withdrawal under the two-pot retirement system, up from 56% in 2025.
Withdrawal rates were highest among respondents aged 35 to 55. The proportion was 69% among those aged 35 to 44 and 71% among those aged 45 to 55, compared with 32% among respondents younger than 25, 54% among those aged 25 to 34, and 45% among those older than 55.
Income produced a similar pattern. Some 69% of respondents in the R10 000-to-R20 000 band had made a withdrawal, as had 69% of those taking home between R20 000 and R35 000. The proportion was 54% among respondents earning less than R5 000 and 52% among those earning more than R35 000.
Withdrawal incidence was broadly similar among female and male respondents, at 61% and 63%, respectively.
Withdrawals below R5 000 formed the largest amount category. The survey did not ask how respondents used the money, but JustMoney said the predominance of relatively small withdrawals suggested that some respondents may have been using retirement savings to manage immediate cash-flow pressures.
Psychologist Andrea Kellerman, who analysed the psychological aspects of the survey, said prolonged financial pressure could shift people’s attention from future planning to immediate needs.
“When financial pressure becomes chronic, it changes not only what people do with money, but how in control they feel. Ongoing financial strain shifts people from planning to survival mode. Scarcity reduces perceived choice, and poor financial decisions are often a coping mechanism. Present needs overpower future considerations,” she said.
The pressure on respondents’ protection budgets was also visible in their insurance profiles. Funeral cover was the most widely held form of insurance, at 67%. Some 41% paid for two or more funeral policies, mainly to support other family members.
Ownership of several other forms of protection increased markedly with income. Among respondents earning less than R5 000 a month, 9% had life cover, 5% had medical scheme membership or medical insurance, and 3% had vehicle insurance. Among those earning more than R35 000, the corresponding proportions were 65%, 62%, and 65%.
Nicholson said several small funeral policies could cost more than one comprehensive policy and place additional pressure on household finances. JustMoney acknowledged that any decision to consolidate cover should consider who is insured and the benefits provided under each policy.
Turning financial pressure into action
The survey concluded by considering how consumers could move from financial survival towards having greater choice. JustMoney said financial education should be paired with practical financial and psychological tools, rather than simply telling people to “do better”.
Its proposals include helping consumers understand interest rates, percentages, and the full cost of borrowing, rather than assessing a loan only by its monthly instalment. It also called for practical support to assess debt, reduce repayments, restructure debt, prioritise essential payments, and distinguish a once-off emergency from an ongoing cash-flow problem.
Consumers should identify the loan with the highest interest rate and prioritise its repayment. They should also protect their retirement savings from short-term cash-flow pressures by working towards a separate, readily accessible savings buffer, initially targeting at least R2 000.
Where consumers feel overwhelmed, JustMoney recommends starting with one manageable action. Depending on the person’s circumstances, this could involve addressing debt, creating additional income, protecting against scams, or tracking digital spending more closely. The organisation also recommends a 24-hour cooling-off period before non-essential purchases and setting spending limits ahead of December and January.
Consumers with multiple funeral policies are encouraged to review their cover, although JustMoney acknowledged that any decision to consolidate policies should consider who is insured and the benefits provided under each policy.
